Concept explainers
To calculate:Amount of the fifth and seventh credit card bill.
Answer to Problem 31PPS
The amount of the fifth bill is $137.77
The amount of the seventh bill is $39.68
Explanation of Solution
Given information:Jason received his first credit card bill for a total of $325.42. Each month he makes a $50 payment and the remaining balance is charged an interest rate of 1.5%. The table shows his first three monthly bills.
Bill number | Bill Amount | Payment | New Balance |
1 | $325.42 | $50 | $275.42 |
2 | $279.55 | $50 | $229.55 |
3 | $232.99 | $50 | $182.99 |
Calculation:
Bill amount of 4th month
Jason makes $50 payment every month.
Then, new balance of 4th month
Bill amount of 5th month
Jason makes $50 payment every month.
Then, new balance of 5th month
Bill amount of 6th month
Jason makes $50 payment every month.
Then, new balance of 6th month
Bill amount of 7th month
The table shows 4th, 5th, 6th and 7th monthly bills
Bill number | Bill Amount | Payment | New Balance |
4 | $185.73 | $50 | $135.73 |
5 | $137.77 | $50 | $87.77 |
6 | $89.09 | $50 | $39.09 |
7 | $39.68 |
Thus, Jason’s fifth bill is $137.77 and seventh bill is $39.68
Chapter 7 Solutions
Pre-Algebra Student Edition
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