If a payment of $900 is made on March 20, what will be the new balance?
A) $918.00
B) $900.00
C) $918.37
D) $947.00
E) $946.63

Question

Quizplus · Accepted Answer

The correct answer is E. The new balance is $946.63. The payment of $900 reduces the balance by $900, but interest is added to the balance from March 20 to the end of the month. The interest is calculated as follows: $946.63 x 0.015% x 10 days = $1.46. The new balance is $946.63 + $1.46 = $948.09.

If a Payment of $900 Is Made on March 20