*Help* [Work Is Shown]

Juan has a previous balance of $923 on a credit card with a 25.9% APR compounded monthly. If he made a payment of $107 this month, what is the new balance on his credit card?

$1,055.06

$1,162.06

$816.00

$835.92
-----------
923+107-0.259= 1,029.741 ?

Question

*Help* [Work Is Shown]

Juan has a previous balance of $923 on a credit card with a 25.9% APR compounded monthly. If he made a payment of $107 this month, what is the new balance on his credit card?

 $1,055.06

 $1,162.06

 $816.00

 $835.92
-----------
923+107-0.259= 1,029.741 ?

anonymous · Answer

Previous balance is added(+) by the finance charge the subtracted (-) Payments made ... ?

amistre64 · Answer

prevous balance, compounded;  subtract the payament; results in the new balance

amistre64 · Answer

923(1+.259/12) - 107

anonymous · Answer

I wrote the same form but different 923(1+0.259/12)(107)

amistre64 · Answer

you have a 107 being multiplied ... is that a typo?

amistre64 · Answer

we could even write it up as:

923 + 923(.259/12) - 107

or

(923 - 107) +  923(.259/12)

but we dont want to get carried away

anonymous · Answer

Thanks again :D the class im taking doesn't show much example's in the lesson

amistre64 · Answer

youre welcome