Fran is going to transfer her credit card balance over to a new card. She has an existing balance of $752.69. Her current card charges her a transfer fee of 12.5%, added to her balance, for transferring her debt. The new card has an opening fee of $50, which is also added to her balance. She will also have to make an immediate minimum payment, which is 3.35% of her total balance. How much will her balance be after she makes this payment, assuming that she pays the minimum amount? Round all dollar values to the nearest cent.
Answer:
Fran's balance will be $866.73.
Step-by-step explanation:
She has an existing balance of $752.69
Her current card charges her a transfer fee of 12.5%, added to her balance, for transferring her debt.
This becomes: \(0.125\times752.69=94.08\)
Total is : \(752.69+94.08=846.77\)
The new card has an opening fee of $50, which is also added to her balance.
This becomes now = @@MATH_TOKEN_2@@
She will also have to make an immediate minimum payment, which is 3.35% of her total balance.
This amount is = @@MATH_TOKEN_3@@
Now balance in her account is = @@MATH_TOKEN_4@@
So, Fran's balance will be $866.73.