Question

Dominick’s unpaid credit card balance was $2103.24. His APR is 14.4%.

What is his new balance after he makes one new transaction for $280?

Answer 1

New balance=previous balance+finance charge+New transaction

First we need to calculate the finance charge in order to find the new balance

Finance charge=2,103.24×(0.144÷12 months)
=25.24

New balance
2,103.24+25.24+280
=2,408.48

Hope it helps!

Answer 2

Based on the information given the new balance is $2,408.48.

New balance

First step is to calculate the finance charge

Finance charge=2,103.24×(0.144÷12 months)

Finance charge=2,103.24×0.012

Finance charge=25.24

Second step is to calculate the New balance

New balance=2,103.24+25.24+280

New balance=$2,408.48

Inconclusion the new balance is $2,408.48.

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