On your last credit card statement, you had a previous balance of $567.18, payments of $120, a periodic rate of 1.56 percent, and new charges totaling $45.17. What is your new balance?
499.33
To calculate the new balance on your credit card, you can follow these steps:
1. Start with the previous balance: $567.18.
2. Subtract the payment made: $567.18 - $120 = $447.18.
3. Calculate the interest charged by multiplying the periodic rate by the remaining balance: $447.18 * (1.56% / 100) = $6.98.
4. Add the interest to the remaining balance: $447.18 + $6.98 = $454.16.
5. Add new charges to the balance: $454.16 + $45.17 = $499.33.
Therefore, the new balance on your credit card is $499.33.
To calculate the new balance, we need to consider the previous balance, payments made, new charges, and the periodic rate.
1. Subtract the payment from the previous balance:
$567.18 - $120 = $447.18
2. Add the new charges to the resulting balance from step 1:
$447.18 + $45.17 = $492.35
3. Calculate the interest on the resulting balance using the periodic rate:
$492.35 x 0.0156 = $7.68 (rounded to the nearest cent)
4. Add the interest to the resulting balance from step 2:
$492.35 + $7.68 = $500.03
Therefore, your new balance is $500.03.