Armando has a previous balance of $1,537 on a credit card with a 23.4% APR compounded monthly. If he made a payment of $84 this month, what is the new balance on his credit card…

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asked Sep 6, 2019 65.8k views

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Rodamn · Answer 1 · 2019-09-12T08:53:12+0000

When you don't pay off your credit card then you pay the previous months interest - ouch! The interest is Prt

Current balance = Previous balance + Interest - payment
Current balance = 1537 + (1537)(23.4/100)(1/12) - (84)
Current balance = $1482.97

Armando has a previous balance of $1,537 on a credit card with a 23.4% APR compounded monthly. If he made a payment of $84 this month, what is the new balance on his credit card…

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