Question

Irene has a previous balance of $987 on a credit card with a 17.3% APR compounded monthly. If she made a payment of $50 this month, what is the new balance on her credit card?

Answer 1

It's not 1107.75 for anyone who googles it...

Answer 2

do you have choices

Answer 3

$1,157.75

$1,107.75

$937.00

$951.23

Answer 4

ok I got $951.23

Answer 5

How?

Answer 6

http://ncalculators.com/interest/compound-interest-calculator.htm

Answer 7

if you go to that website, it gives you the 1001.23 with interest for the first month, now a payment of $50.00, so I subtracted from that amoung

Answer 8

Thanks!

Answer 9

yw :)