Brads statement shows a previous balance of $2592.35 a payment of 75$ and new transactions totaling $432 . his apr is 18.6% . what is his new balance?

$2988.37

$3064.53

$3140.93

$3246.43

Option A - 2988.37

Step-by-step explanation:

Given : Brads statement shows a previous balance of $2592.35 a payment of 75$ and new transactions totaling $432 . His APR is 18.6% .

To find :  What is his new balance?  

Solution :

Previous balance = $2592.35

Payments = $75

First we find the unpaid balance,

Unpaid balance = Previous balance - Payments  

                           = $2592.35 - $75

Unpaid balance  = $2517.35

Rate of interest= 18.6%=0.186

Now, we find the finance charge

Finance charge = Finance rate × Unpaid balance

Finance charge =

Finance charge = $39.02

New balance =  Unpaid balance + finance charge + new transaction

New balance =  $2517.35 +$39.02+ $432

New balance =$2988.37

Therefore, Option A is correct.

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step-by-step explanation:

step-by-step explanation:

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