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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
a. 3544.25 b. 3732.00 c. 4224.34 d. 4333.75
david's statement shows a previous balance of 5834.53, a payment of 150 and new transactions totaling 325. his apr is 20.4% what is his new balance
a. 5984.64 b. 6106.17 c. 6111.69 d. 6256.17
tom's total payment for his loan was 15264, he paid it off after making 72 monthly payments what was his monthly payment
a, 212 b. 228 c. 236 d. 242
bethany will borrow 7400 at 7% apr she will pay it back over 12 months. what will her monthly payment be ?
a. 510.43 b. 518.00 c. 659.83 c. 672.17

1.) Previous balance = 3529.30

APR = 18.6%, thus monthly interest rate = 18.6 / 12 = 1.55%

Previous balance + interest = 3529.30(1 + 0.0155) = 3584.00

New balance after transaction = 3584.00 + 148 = 3732.00

2.) Previous balance = 5834.53

APR = 20.4%, thus monthly interest rate = 1.7%

Previous balance - payment = 5834.53 - 150 = 5680.53

Balance + interest = 5634.53(1 + 0.017) = 5781.17

New balance after transaction = 5781.17 + 325 = 6106.17

3.) Total payment = 15264

Number of payments = 72 monthly payments

Monthly payment = 15264 / 72 = 212

4.) Amount borrowed = 7400 at 7% APR

Amount plus interest = 7400(1 + 0.07) = 7918

Monthly payment = 7918 / 12 = 659.83

c. (0.6,-1.4)

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