Answer:
$18,146.34
Explanation:
Data provided in the question
Monthly interest = $155
Interest rate = 0.1025% which represents the 10 1/4 %
Number of days in a month = 30 days
So, the principal balance after the beginning of November month is
= Monthly interest ÷ (Interest rate × (Number of days in a month ÷ total number of days in a year)
= $155 ÷ (0.1025 × (30 days ÷ 360 days))
= $18,146.34
