You have $2,675.00 on a credit card with a 15.75% apr. you miss your minimum payment and there is a late fee of $29.00. how much is your balance at the beginning of the second month?a 2,814.31
b 2,739.11
c 3,125.31
d 2,710.11

The solution is Option B.

The balance amount at the second month is $ 2,739.11

What is Annual Percentage Yield?

The annual percentage yield (APY) is the real rate of return earned on an investment, taking into account the effect of compounding interest.

Given data ,

Let the initial amount be represented as A

The value of A = $ 2,675

Now , the annual percentage rate is given by r

The value of r = 15.75 %

So , the rate r in monthly basis is given by

Rate R = annual percentage rate / 12

Substituting the values in the equation , we get

Rate R = 15.75 / 12

Rate R = 1.3125 %

Now , the late fee of the credit card = $ 29.00

So , the amount balance at the end of second month = ( initial amount + Rate R x  initial amount + late fee )

Substituting the values in the equation , we get

Amount balance at the end of second month = ( 2675 + ( 1.3125/100 ) x 2675 + 29 )

Amount balance at the end of second month = 2675 + 35.109 + 29

Amount balance at the end of second month = $ 2,739.109

Amount balance at the end of second month = $ 2,739.11

Therefore , the final balance amount is $ 2,739.11

Hence , The balance amount at the second month is $ 2,739.11

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Answer:

b. $2,739.11. You have $2,675.00 on a credit card with a 15.75% APR. You miss your minimum payment and there is a late fee of $29.00. Your balance at the beginning of the second month is $2,739.11.

Step-by-step explanation: