Question

Chuck's starting balance on his credit card was $268.23, and he made purchases of $125 and $98 during the month. He also made a payment of $100. If the finance charge is 1.4% per month on the unpaid balance, find the new balance at the end of the month.

Answer 1

Roughly $396.71

Explanation:

Chuck starts the month with $268.23 balance on his card

He makes a $125 and $98 purchase, add those two together to get $223, and then add that to the total starting balance of $268.23 to get $491.23.

At the end of the month, he made a $100 payment, subtracting $100 from the balance to get $391.23. $391.23 times 1.014 (Adding 1.4% converted into decimal form, to convert a percent into decimal form move the decimal left two places) equals $396.71

Answer 2

25.95

Explanation: