Answer:
The new balance, including interest, will be $10,077.99.
Explanation:
To calculate the new balance, including interest, we need to take into account the existing balance, the new charges, and the interest that accrues on the balance over the month. Here are the steps to calculate the new balance:
Calculate the interest on the existing balance:
The monthly interest rate is the APR divided by 12, so in this case it is 18.99%/12 = 1.5825%.
The interest on the existing balance is 1.5825% x $9,160.00 = $144.99.
Add the interest to the balance:
The new balance after adding the interest is $9,160.00 + $144.99 = $9,304.99.
Add the new charges:
The new balance after adding the new charges is $9,304.99 + $1,098.00 = $10,402.99.
Subtract the minimum payment:
Zain pays $325.00 towards the balance, so the new balance is $10,402.99 - $325.00 = $10,077.99.
Therefore, the new balance, including interest, will be $10,077.99.