Question

Ryan's unpaid credit card balance was $1853.68. His APR is 24.9%. What is his new balance after he makes one new transaction for $178?

Answer 1

Answer: 2070.14

Explanation:

Slide the decimal for 24.9 and get 0.249

1853.68 × 0.249 ÷ 12 = $38.46

you have 0.249 as the monthly rate which means dividing it by 12 is a key to your answer

$1853.68 +38.46 + 178.00 = $2070.14