Asked by Academic Research on May 08, 2024
Verified
Yanni received her monthly credit card statement in the mail,the summary of which is shown below.When she calculated the new balance for the month,she arrived at a different amount than the credit card company.What should be the correct new balance?
A) $3,576.28
B) $3,676.28
C) $3,766.28
D) $3,776.28
Credit Card Statement
An accounting of the credits and debits in the form of a monthly report sent to a credit card holder.
- Calculate new balances and finance charges on credit card statements.
Verified Answer
FL
Francisco LópezMay 10, 2024
Final Answer :
D
Explanation :
The previous balance is $3,125.28. Yanni charged $475.00 for the month, making the subtotal $3,600.28. She also made a payment of $200.00 and had a finance charge of $12.00. Subtracting the payment and adding the finance charge gives us a total of $3,412.28. However, the statement shows a new balance of $3,776.28, which is $364.00 more than the calculated total. Therefore, the credit card company must have made an error, and the correct new balance should be $3,412.28 + $364.00 = $3,776.28.
Learning Objectives
- Calculate new balances and finance charges on credit card statements.
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