Got Homework?
Connect with other students for help. It's a free community.
Here's the question you clicked on:
 0 viewing
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
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

This Question is Closed

quarks16Best 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

tkhunnyBest 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

quarks16Best ResponseYou've already chosen the best response.0
...16.5 IS monthly. And you forgot about that payment of $9.
 one year ago

quarks16Best 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!!!!Best ResponseYou've already chosen the best response.0
so ally do you understand?
 one year ago
See more questions >>>
Your question is ready. Sign up for free to start getting answers.
spraguer
(Moderator)
5
→ View Detailed Profile
is replying to Can someone tell me what button the professor is hitting...
23
 Teamwork 19 Teammate
 Problem Solving 19 Hero
 Engagement 19 Mad Hatter
 You have blocked this person.
 ✔ You're a fan Checking fan status...
Thanks for being so helpful in mathematics. If you are getting quality help, make sure you spread the word about OpenStudy.