MATH SOLVE

9 months ago

Q:
# Gavin’s unpaid credit card balance is $2103.23. His APR is 14.4%. What is his new balance if he made one new transaction for $390?$2016.10 $2128.47 $2518.47 $2796.10

Accepted Solution

A:

Answer:Option 3 - $2518.47Step-by-step explanation:Given : Gavin’s unpaid credit card balance is $2103.23. His APR is 14.4%.To find : What is his new balance if he made one new transaction for $390? Solution : We have given,Unpaid balance = $2103.23APR= 14.4%=0.144Now, the formula to find finance charge
Finance charge = Finance rate × Unpaid balance
Finance charge = [tex]\frac{0.144}{12} \times 2103.23[/tex]
Finance charge = $25.238
New balance = Unpaid balance + finance charge + new transaction
New balance = $2103.23 +$25.238+ $390New balance =$2518.468Therefore, Option 3 is correct.The new balance is $2518.47.