Question

Examine the summary section of a monthly credit card statement. Calculate the new balance.

SUMMARYPrevious BalancePayments CreditsTransactionsLate ChargeFinance ChargeNew BalanceMinimum Payment$876.34$800.00 $1,009.56 $30.00$29.670$18.00\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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Use formula:

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

876.34800+1,009.56+29.67+30=1,145.57876.34-800+1,009.56+29.67+30=1,145.57

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