Question

On Kathleen's credit card statement get last balance was $89.70. She made a payment of $20, had new charges totaling $32.11, and pays a periodic rate of 1.23%. What is Kathleen's new balance

Answer 1

Hi there

Amount financed
89.70−20=69.7

Finance charge
69.7×(0.0123)=0.86

New balance
Previous balance-payment+finance charge+New charge (new transaction)
89.7−20+0.86+32.11
=102.67

Hope it helps