Question

Amari has a previous balance of $691 on a credit card with a 17.1% APR compounded monthly. If he made a payment of $95 this month, what is the new balance on his credit card?

Answer 1

691-95=596
596 X .171=101.9
101.1 +596 = 697.9 new balance

Answer 2

Amari has a previous balance of $691 on a credit card .

Interest rate is 17.1% APR compounded monthly.

Amari has made a payment of $95 this month.

Balance Amount
`691-95=596`$

Now using the given interest rate we can find the new balance amount as below:

New Balance Amoiunt=$596+$596*
`(17.1)/(100)=$596+(10191.6)/(100)\\`

New Balance Amoiunt=
`$596+$101.916`=$
`697.916`

Hence New balance on the credit card is $697.916