Pete’s unpaid credit card balance is $3529.30. His APR is 18.6%, and he made one new transaction for $148.

What is his new balance?

Question

Pete’s unpaid credit card balance is $3529.30. His APR is 18.6%, and he made one new transaction for $148.

What is his new balance?

doc.brown · Answer

What does APR stand for?

anonymous · Answer

i have no idea

doc.brown · Answer

Do you have the means of finding out?   Notes from class?  Textbook?

anonymous · Answer

APR = annual percentage rate?

anonymous · Answer

i cant find any other possibilities so i would say yes , annual percentage rate

doc.brown · Answer

Is the interest charged before the new transaction?  If it is, is it the monthly amount of that interest?
It's kind of a bad question, lol.

doc.brown · Answer

Ok, I'll say Pete didn't pay his bill of $3529.30 and was charged one months interest, one twelfth of the yearly rate.  He then made a transaction of $148, that's just adding. So the three parts are:
The balance, plus the interest, plus the new charges
3529.30 + ( 3529.30 x (18.6 / 100) x (1 /12) ) + 148

anonymous · Answer

okay , i think i got it . what a weirdly worded question . lol thanks