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Tom's statement shows a previous balance of $2452.64 a payment of $160 a new transactions totaling $138 what is his new balance if his APR is 15.6%
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3 votes
Tom's statement shows a previous balance of $2452.64 a payment of $160 a new transactions totaling $138 what is his new balance if his APR is 15.6%

User Fewfre
by
8.6k points

2 Answers

5 votes

His new balance will be $805.8915

4332.75 * 18.6%

User Allysa
by
8.2k points
6 votes
Hello there:)

Unpaid balance
=2,452.62−160=2,292.62
Finance charge
2,292.62×(0.156÷12)=29.8
New balance
2,452.62−160+29.8+138
=2,460.42

Hope it helps
User Vasile Surdu
by
8.8k points
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