Please check my answer thanks :)
Based on the information below what is Peter's account balance ?
Peter has a credit card with an APR of 15% His balance last month was $423.78 He then made a purchase in the amount of $123.42 he later made apayment of $100.00 Peter's finance charge is $5.30
I got $452.50
Your answer looks right to me.
452.50
To find Peter's current account balance, we can follow these steps:
1. Start with Peter's balance from last month, which is $423.78.
2. Subtract the purchase he made, which is $123.42. This leaves us with $300.36.
3. Subtract the payment he made, which is $100.00. This leaves us with $200.36.
4. Add the finance charge of $5.30. This gives us a final balance of $205.66.
Therefore, based on the information provided, Peter's account balance is $205.66, not $452.50.