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Armando has a previous balance of $1,537 on a credit card with a 23.4% APR compounded monthly. If he made a payment of $84 this month, what is the new balance on his credit card…

Armando has a previous balance of $1,537 on a credit card with a 23.4% APR compounded monthly. If he made a payment of $84 this month, what is the new balance on his credit card…
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Armando has a previous balance of $1,537 on a credit card with a 23.4% APR compounded monthly. If he made a payment of $84 this month, what is the new balance on his credit card?

User Weberik
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1 Answer

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When you don't pay off your credit card then you pay the previous months interest - ouch! The interest is Prt

Current balance = Previous balance + Interest - payment
Current balance = 1537 + (1537)(23.4/100)(1/12) - (84)
Current balance = $1482.97
User Rodamn
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7.8k points
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