Question

Derrick's statement shows a previous balance of 3264.75, a payment of 180, and new transactions totaling 134. What is his new balance if his APR is 13.2%

3084.75
3218.75
3252.68
3805.84

Answer 1

3,252.68

Explanation:

Answer 2

Hi there
New balance=previous balance-payment+finance charge+New transaction

We should first to find amount financed to calculate the finance charge
So
Amount financed
Previous balance-payment
3,264.75−180=3,084.75

Finance charge
Amount financed×monthly rate
3,084.75×(0.132÷12)=33.93

New balance
3,264.75−180+33.93+134
=3,252.68....answer

Good luck!