rita has a credit card that gives a 6% discount on every purchase. the annual percentage rate on the card is…

rita has a credit card that gives a 6% discount on every purchase. the annual percentage rate on the card is 15%. she is purchasing a digital camera for $300. if she purchases the camera and only pays $80 on the first months bill, how much will she need to pay off the balance the following month?\n$199.47\n$204.53\n$220.00\n$222.75

rita has a credit card that gives a 6% discount on every purchase. the annual percentage rate on the card is 15%. she is purchasing a digital camera for $300. if she purchases the camera and only pays $80 on the first months bill, how much will she need to pay off the balance the following month?\n$199.47\n$204.53\n$220.00\n$222.75

Answer

Explanation:

Step1: Calculate the discounted price

The discount is 6% of $300. The price after discount is $300\times(1 - 0.06)=300\times0.94 = 282$.

Step2: Calculate the monthly - interest rate

The annual percentage rate is 15%, so the monthly interest rate $r=\frac{0.15}{12}=0.0125$.

Step3: Calculate the balance after first - month payment

The balance before interest is $282 - 80=202$.

Step4: Calculate the balance with interest

The balance with interest for the next month is $202\times(1 + 0.0125)=202\times1.0125 = 204.525\approx204.53$.

Answer:

$204.53$