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7 May, 14:17

You owe $1,455.69 on a credit card at a 12.8% APR. You pay 15 days after the due date and the late fee is $35.00, making it 45 days of accrued interest. You pay $250.00. How much is your balance after the payment?

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  1. 7 May, 14:45
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    Given:

    $1,455.69 - owe

    12.8% - APR

    $35.00 - - late fee

    $250.00 - - amount paid

    Work it out by:

    12.8% of 1,445 is

    1455 x 0.128 = $186.24

    So,

    $1,455 + $35 late fee + $186.24 interest = $1, 676.24 - $ 250 = $1, 426.24

    Balance: $1, 426.24
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