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HELP!!!!
Group Title
Jackson has a previous balance of $767 on a credit card with a 16.5% APR compounded monthly. If he made a payment of $49 this month, what is the new balance on his credit card? (1 point) $718.00$728.55$844.56$893.56
 one year ago
 one year ago
HELP!!!! Group Title
Jackson has a previous balance of $767 on a credit card with a 16.5% APR compounded monthly. If he made a payment of $49 this month, what is the new balance on his credit card? (1 point) $718.00$728.55$844.56$893.56
 one year ago
 one year ago

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quarks16 Group TitleBest ResponseYou've already chosen the best response.0
By payment, you mean that he paid off $49 of the $767 debt, right?
 one year ago

tkhunny Group TitleBest ResponseYou've already chosen the best response.1
As with ALL such problems, the correct answer depends on the EXACT methodology for calculating interest charges. There are MANY different ways to do that. I would guess that the answer is the method that I never have seen actually in practice. 16.5% = 0.165  Annual Interest Rate 0.165 / 12 = 0.01375  Monthly Interest Rate 767.00 * 0.01375 = 10.55  Interest Charges for the Month. Add and subtract the pieces and you should be done.
 one year ago

quarks16 Group TitleBest ResponseYou've already chosen the best response.0
...16.5 IS monthly. And you forgot about that payment of $9.
 one year ago

quarks16 Group TitleBest ResponseYou've already chosen the best response.0
I'd like to know if the $49 was before the interest was taken, or after the interest was taken.
 one year ago

HELP!!!! Group TitleBest ResponseYou've already chosen the best response.0
so ally do you understand?
 one year ago

ally7343 Group TitleBest ResponseYou've already chosen the best response.0
yeah thanks.
 one year ago
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