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Suppose a card is offered with a 0% introductory rate. A student decided to get the credit card and immediately took a cash advance of $896. The cash advance had a 24% annual rate which started immediately. The account also had a $40 late fee with any late payment. If the student missed making the first month's payment, what will be their new total balance at the start of the second month?

Sagot :

Answer:

nitially, the balance would be 896(thecashadvanceamount).Addingthe40 late fee and the interest charge for the first month (896∗24NewBalance=896 + 40+(896 * (24% / 12)) ≈ $976.73

Step-by-step explanation:

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