Pls ! what will francisco be charged for interest for month 8? francisco's credit card has an apr of 28.98%, calculated on the previous monthly balance.

Previous monthly balance = $654.19

Interest charge = $464.61

Step-by-step explanation:

Given : The table of 7 months. Francisco's credit card has an APR of 28.98%.

To find : What will Francisco be charged for interest for month 8 and calculated on the previous monthly balance.

Solution :

New balance of 7th month is equal to the previous monthly balance. of 8th month.

So, we have to find the new balance of 7 month

New balance =  Unpaid balance + finance charge + new transaction

From the table, the 7 month information is

Previous balance = $325.27

payment received = $22.94

Finance charge = $7.86

New charges = $344

Unpaid balance = Previous balance - Payment

                           = $325.27 - $22.94

Unpaid balance  = $302.33

New balance =  Unpaid balance + finance charge + new transaction

New balance =  $302.33 + $7.86 + $344

New balance =  $654.19

Previous monthly balance of 8th months is $654.19

Interest rate of 8th month is 28.98%

Interest for month 8 previous balance is

10.55 years

Step-by-step explanation:

In order to calculate the number of years, you have to isolate N from the formula:

FV=PV*(1+I)^N

FV= Future value

PV= Present value

i= Interest rate

N= number of periods

FV/PV=(1+i)^N

ln(FV/PV)=Nln(1+i)

N=ln(FV/PV)/ln(1+i)

Now you have to replace the formula to find the

FV= 1486.73

PV= 1077

i= 3.1%

N= ln(1486.73/1077)/ln(1+0.031)

N= ln(1.38)/ln(1.031)

N= 10.55

The answer is that it will take 10.55 years for the balance to reach $1486.73.