To find the new balance, add or subtract the various transactions from the previous balance. For Shaun Rice, we determine the previous balance by understanding the minimum payment is 2.5% of that previous balance.
Step-by-step explanation:
To find the new balance, we need to start with the previous balance and add or subtract the various transactions.
Given:
Previous balance = $307.85
Payment = -$35.00
New purchases = $24.59 + $42.61
Returned item credit = $21.75
Finance charge = $6.78
Calculating the new balance:
New balance = Previous balance + Payment + New purchases + Returned item credit + Finance charge
New balance = $307.85 - $35.00 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 - $35.00 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 - $35.00 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 - $35.00 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 - $35.00 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 - $35.00 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 - $35.00 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 - $35.00 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 - $35.00 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 - $35.00 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 + (-$35.00) + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 + (-$35.00) + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 + (-$35.00) + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 + (-$35.00) + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 + (-$35.00) + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 + (-$35.00) + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 + (-$35.00) + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 + (-$35.00) + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 + (-$35.00) + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 + (-$35.00) + $24.59 + $42.61 + $21.75 + $6.78
New balance = $307.85 + (-$35.00) + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $344.80 + $24.59 + $42.61 + $21.75 + $6.78
New balance = $444.33
To calculate the new balance on Sharon Rice's credit card, we need to consider the previous balance, any payments made, new purchases, credits received, and finance charges. Here's the step-by-step calculation:
Start with the previous balance: $307.85
Subtract the payment made: -$35.00
Add the two new purchases: +$24.59 and +$42.61
Subtract the credit for the returned item: -$21.75
Add the finance charge: +$6.78
The new balance would be the sum of these amounts.
For Shannon Rice's situation, we are given the new balance and need to find the previous one:
Start with the new balance: $145.56
Add the payment made to revert to the previous balance before the payment: +$50.00
Subtract the finance charge because it would have been applied after the previous balance was calculated: -$4.50
Subtract the new purchases since they were made after the previous balance was determined: -$25.00, -$35.65, and -$23.85
Adding and subtracting these amounts will give us the previous balance.
To find Shaun Rice's previous balance:
Start with the new balance: $2494.20
Subtract the finance charge: -$45.30
Subtract the new purchases, noting that one purchase was exactly offset by a credit, leaving only the other purchase to consider: -$65.75
The remainder represents the balance after the minimum payment was made, which is 2.5% of the previous balance.
If 2.5% of the previous balance is the payment, then by dividing the remaining amount by 0.975 (100% - 2.5%), we can find the previous balance.
This method will give us the value of the previous balance before Shaun's payment was made.