Marco's unpaid credit card balance is $4332.75. His APR is 18.6%. What is his new balance if he made one new transaction for $432?

Question

Mathematics

Jags

10 March, 19:45

Marco's unpaid credit card balance is $4332.75. His APR is 18.6%. What is his new balance if he made one new transaction for $432?

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Answers (1)

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Annabel Jacobson · Answer 1

APR (Annual percentage rate) is typically the rate that the purchase made through credit cards will incur every year. If we add the amount of the new purchase to the previous credit card balance, it will give us an answer of $4764.75. This value will be the one multiplied by the decimal equivalent of the given percentage in order to determine the yearly interest.