Question

You make a purchase of $600 on a new credit card with. Yearly interest rate of 12%!you make a large payment your first month of 200 what is the credit cards balance before you make the payment

Answer 1

[AI-generated answer — Bot GPT 3.5]

To calculate the balance before making the payment, we need to calculate the interest charged on the purchase amount of $600.

Interest = Principal x Rate
Interest = $600 x 0.12
Interest = $72

So, the total balance on the credit card before making the payment would be:
$600 (purchase amount) + $72 (interest) = $672

Therefore, the credit card balance before making the payment of $200 would be $672.