Question

6. The cardholder pays the minimum payment of $53.00 this month and makes no new purchases during the next

Answer 1

Answer:

Step-by-step explanation:

So, first of all, let's understand how credit card payment works.

1. Credit cards give a particular amount of cash which can be spend on credit

2. You need to the minimum payment by the due date each month.

In this case, in order to identify the balance for the next month, this equation works:

Card balance-minimum payment-interest to be paid = new credit card balance

So, you subtract (53+10.27=63.27) from the card balance from previous month(cycle).

Here, information about the previous balance is not provided  Maybe the question is not asked in full and misses some detailes.