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11 April, 23:48

You have a credit card with a balance of 1187.92 and the interest is 12.25% apr. a late fee of 30.00 is charged for payments after the due date. you missed your payment due date but plan to make a payment of 125 on the next due date. what will be the new principle after that payment?

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  1. 12 April, 00:10
    0
    Hello there.

    You have a credit card with a balance of 1187.92 and the interest is 12.25% apr. a late fee of 30.00 is charged for payments after the due date. you missed your payment due date but plan to make a payment of 125 on the next due date. what will be the new principle after that payment?

    1,117.60.
  2. 12 April, 00:16
    0
    We start with

    $1,187.92

    With the interest and the late fee charge

    $1,187.92 (1 + 0.1225/12) + 30 = $1,230.05

    With the interest minus the payment of $125

    $1,230.05 (1 + 0.1225/12) - $125 = $1,117.60

    The new principal after the latest payment is $1,117.60.
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