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Suppose you have a credit card balance of $500 that you were unable to pay off. During the current month you purchase another $250 worth

Suppose you have a credit card balance of $500 that you were unable to pay off. During the current month you purchase another $250 worth of products. You made a payment during the grace period of $300. Assuming your retail credit card company charges an annual interest rate of 22%, compute your new balance.

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