Jack's credit card statement showed these items:
Last Balance Payments Finance Rate New Charges
$95.85 $45.00 1.5% $345.90
What is Jack's new balance?
To calculate Jack's new balance, we need to subtract the payments from the last balance, add the finance charges, and adjust for the finance rate.
1. Start with the last balance: $95.85
2. Subtract the payment amount: $95.85 - $45.00 = $50.85
3. Calculate the finance charges by multiplying the new charges by the finance rate: $345.90 * 1.5% = $5.19
4. Add the finance charges to the remaining balance: $50.85 + $5.19 = $56.04
Therefore, Jack's new balance is $56.04.
To calculate Jack's new balance, we need to consider the Last Balance, Payments, Finance Rate, and New Charges.
First, subtract the Payments from the Last Balance:
$95.85 - $45.00 = $50.85
Next, calculate the finance charge by multiplying the Last Balance by the Finance Rate:
$50.85 * 1.5% = $0.76
Add the Finance Charge to the New Charges:
$0.76 + $345.90 = $346.66
Finally, add the New Charges to the result from the previous step:
$50.85 + $346.66 = $397.51
Jack's new balance is $397.51.