The following terms apply:

• The credit limit is $3,000.
• The billing cycle starts on the 10th of the month and ends on the 9th of the next month.
• The due date is always 25 days following the end of the billing cycle.
• The interest rate on purchases is 21.9%.
• The minimum payment is $15 or 1% of the new balance whichever is larger.
• If the consumer fails to make at least the minimum payment on or before the due date, the interest rate for purchases increases to 29.4%.
• If the entire new balance from the previous billing cycle is paid on or before the due date, no interest is charged for purchases made during the current billing cycle.

Exercise 1

A new credit card account is opened and the table below shows the activity during the first billing cycle. Find:

• The total purchases.
• The interest.
• The new balance due.
• The minimum payment.
• the available credit.
• The due date.

REF NO. DATE POSTED Transaction Amount

434862 6/13/2011 6/16/2011 Fitch's IGA Wilmore, KY $84.51

787567 6/18/2011 6/19/2011 Target Lexington, KY $135.65

872307 6/20/2011 6/21/2011 Sears Lexington, KY $113.70

444278 6/24/2011 6/25/2011 Walamart Nicholasville, KY $192.95

992793 7/1/2011 7/1/2011 CLuckers Wilmore, KY $41.57

810761 7/4/2011 7/4/2011 AU Bookstore Wilmore, KY $184.02

407813 7/6/2011 7/6/2011 Kroger Nicholasville, KY $131.94