Question

HELP PLEASE

*Linda is going to transfer her credit card balance over to a new card. She has an existing balance of $834.33. Her current card charges her a transfer fee of 12%, added to her balance, for transferring her debt. The new card has an opening fee of $45, which is also added to her balance. She will also have to make an immediate minimum payment, which is 3.15% of her total balance. How much will her balance be after she makes this payment, assuming that she pays the minimum amount? Round all dollar values to the nearest cent.
Hint:
1st, find the balance transfer fee (take 12% and multiply by existing balance)
2nd, add the amount in 1st step to her existing balance + $45 that the new card charges.
3rd, find the immediate payment she has to make on her new card, which is 3.15% times the amount found in step 2.
4th, subtract the minimum payment (in step 3) from new balance, and that is her new balance.

a.
$866.74
b.
$948.60
c.
$818.41
d.
$979.45




Please select the best answer from the choices provided

Answer 1

The answer is B. 948.60

Using the hint I found this;

12% * 834.33 = 100.1196

100.1196 + 834.33 + 45 = 979.4496

979.4496 * 3.15% = 30.8526624

979.4496 - 30.8526624 = $948.60

(rounded this ^^^^)