Question

David's statement shows a previous balance of $5834.53, a payment of $150, and new transactions totaling $325. His APR is 20.4%

A. $5984.64
B. $6106.17
C. $6111.69
D. $6256.17

Answer 1

5,834.53−150+96.64+325

=6,106.17

Explanation:

Answer 2

Given:
Previous balance: 5,834.52
payment: 150
new transaction: 325
APR 20.4%

(20.4% / 360) * 30 = 1.7%

5,834.53 - 150 = 5,684.53
5,684.53 * 101.7% = 5,781.17 *Only the revolving amount is subject to the interest rate.
5,781.17 + 325 = 6,106.17

David's new balance will be B. 6,106.17