Ask Question
28 July, 21:35

Fran is going to transfer her credit card balance over to a new card. She has an existing balance of $752.69. Her current card charges her a transfer fee of 12.5%, added to her balance, for transferring her debt. The new card has an opening fee of $50, which is also added to her balance. She will also have to make an immediate minimum payment, which is 3.35% of her total balance. How much will her balance be after she makes this payment, assuming that she pays the minimum amount? Round all dollar values to the nearest cent.

+5
Answers (1)
  1. 28 July, 21:49
    0
    Computing for transfer fee:

    $752.7 x 0.125 = $94.1 (transfer fee)

    $752 - $94.1 = $658.6

    Deducting opening fee:

    $658.6 - $50 (opening fee) = $608.6

    Computing for minimum payment:

    $608.6 x 0.0335 = $20.4 (minimum payment)

    Deducting minimum payment:

    $608.6-20.4 = $588.2

    Therefore, Fran’s balance would be $588.2.
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Fran is going to transfer her credit card balance over to a new card. She has an existing balance of $752.69. Her current card charges her ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers