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16 December, 10:04

Jackson has a previous balance of $767 on a credit card with a 16.5% APR compounded monthly. If he made a payment of $49 this month, what is the new balance on his credit card?

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  1. 16 December, 10:23
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    Previous = 767 subtract pmt of 49 = amount to pay interest on, A

    new balance = A (1 + rt) ^p*t r = interest rate for year as decimal

    t = time in years p = amount of times for the year interest is added
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