Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

troy has a credit card that charges 19% on outstanding balances and on cash advances. the closing date on the credit card is the first

troy has a credit card that charges 19% on outstanding balances and on cash advances. the closing date on the credit card is the first of each month last month troy left a balance on his credit card of $246. this month troy took out a cash advance of $185 and made $375 in purchases. troy made a payment of $271. what will the total of Troy's new balance be on his credit card statement, taking into account finance charges? assume the adjusted balance method is used and finance charges on the cash advance are applied for the entire month. the total of Troy's new balance on his next credit card statement, taking finance charges into account, is what amount

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Personal Finance Terms Financial Education Is Your Best Investment

Authors: Thomas Herold

1st Edition

1090822871, 978-1090822871

More Books

Students also viewed these Finance questions

Question

the response for this was incorrect

Answered: 1 week ago