Question

# Examine the summary section of a monthly credit card statement. Calculate the new balance.$\begin{matrix} \text{SUMMARY} & \text{Previous Balance} & \text{Payments Credits} & \text{Transactions} & \text{Late Charge} & \text{Finance Charge} & \text{New Balance} & \text{Minimum Payment}\\ \text{} & \text{\876.34} & \text{\800.00 } & \text{\1,009.56 } & \text{\30.00} & \text{\29.67} & \text{0} & \text{\18.00}\\ \end{matrix}$

Solution

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Step 1
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Use formula:

Previous $-$ Payments $+$ New Purchases $+$Finance Charge $+$ Late Charge $=$ New Balance

$876.34-800+1,009.56+29.67+30=1,145.57$

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