Question

Chester Boles reviewed his credit card's monthly statement. It shows a $2,376.10 previous balance and this month's new purchases of $875.22, $65.75, $45.22, and $21.23. It also shows a $875.22 credit and a $45.30 finance charge. He also made the minimum payment of 2.5% of the previous balance. What is the new balance?

Answer 1

Initial balance, I = $2376.10 .

Total amount of purchase made, A = $( 875.22+65.75+45.22+21.23 ) = $1007.42 .

Total amount credit, c = $875.22 .

Fine, f = $45.30 .

Another purchase, $a=\dfrac{2376.10\times 2.5}{100}=\ 59.4025$ .

So, balance left is :

B = I - A - f - a + c

B = 2376.10 - 1007.42 - 45.30 - 59.4025 + 875.22

B = $2139.1975

Hence, this is the required solution.