Question

On your last credit card statement, you had a previous balance of $98.14, payments of $10, a periodic rate of 1.34 percent, and new charges totaling $34.89 what is your new balance?

Answer 1

New balance
98.14−10+(88.14×(0.0134÷12)+34.89
=123.13 .....answer

Answer 2

Answer:

The new balance is $123.128.

Step-by-step explanation:

Given : On your last credit card statement, you had a previous balance of $98.14, payments of $10, a periodic rate of 1.34 percent, and new charges totaling $34.89

To find : What is the new balance?  

Solution :  

Previous balance = $98.14

Payment = $10

Unpaid balance = Previous balance - Payments

                          = $98.14 - $10

Unpaid balance  = $88.14

We have given rate of interest= 1.34%=0.0134

Finance charge = Finance rate × Unpaid balance

Finance charge = $\frac{0.0134}{12} \times 88.14$

Finance charge = $0.098423

New balance =  Unpaid balance + finance charge + new transaction

New balance =  $88.14 +$0.098423+ $34.89

New balance =$123.128

Therefore, The new balance is $123.128.