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 2 years 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
 2 years 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

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

tkhunny
 2 years ago
Best ResponseYou've already chosen the best response.1As 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.

quarks16
 2 years ago
Best ResponseYou've already chosen the best response.0...16.5 IS monthly. And you forgot about that payment of $9.

quarks16
 2 years ago
Best ResponseYou've already chosen the best response.0I'd like to know if the $49 was before the interest was taken, or after the interest was taken.

HELP!!!!
 2 years ago
Best ResponseYou've already chosen the best response.0so ally do you understand?
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