Answer:
The balance after the payment is $1263.84.
Step-by-step explanation:
The formula for amount after compound interest is
[tex]A=P(1+\frac{r}{n})^{t}[/tex]
Where, P is principal, r is rate of interest, n is number of time interest compounded in a period, number of periods.
According to the given information,
P=1455.69
r=0.128
n=365
t=45
Put these values in the above formula,
[tex]A=1455.69(1+\frac{0.128}{365})^{45}[/tex]
[tex]A\approx 1478.84[/tex]
The amount after compound interest is $1478.84. Add late fee chages $35 in this amount and subtract the payment of $250. So, the balance amount after payment is
[tex]Balance=1478.84+35-250=1263.84[/tex]
Therefore the balance after the payment is $1263.84.
Answer:
$1,263.66
Step-by-step explanation:
I just took the test, this is the correct and exact answer :)
