We first fill out the table with the information we are given:
Previous balance= $1744
Payments= $375
Now,
we need to compute the finance charge.
We are given an APR of 15.5%, converting this into a decimal which is 0.155.
Hence,
Now,
finance charges = $16.428
To compute the new balance on July 1, we have -
New Balance =
(Previous balance – Payments + Purchases + Finance Charge)
New Balance = $1744 - $375 + $0 + $16.428
= $1385.428
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