Javier has a revolving credit account at an annual percentage rate of 18%. His previous monthly balance is $362.11. Find the new balance if Julio's account showed the following activity. (Use the unpaid balance method) $$\begin{array}{l}
\text { STATEMENT OF ACCOUNT Billing cycle: April 1-30 }\
\begin{array} { | l | l | l }
\hline \text { April } 6 & \text { Hobby Shop } & \$ 215.76 \
\hline \text { April } 9 & \text { Payment } & 137.30 \
\hline \text { April } 14 & \text { Ray's Car Repair (credit) } & 158.46 \
\hline \text { April } 18 & \text { Camilo's Hardware } & 132.12 \
\hline \text { April } 22 & \text { Colorful Flowers } & 220.24 \
\hline
\end{array}
\end{array}$$

Question

Javier has a revolving credit account at an annual percentage rate of 18%. His previous monthly balance is $362.11. Find the new balance if Julio's account showed the following activity. (Use the unpaid balance method) $$\begin{array}{l}
\text { STATEMENT OF ACCOUNT Billing cycle: April 1-30 }\
\begin{array} { | l | l | l } 
\hline \text { April } 6 & \text { Hobby Shop } & \$ 215.76 \
\hline \text { April } 9 & \text { Payment } & 137.30 \
\hline \text { April } 14 & \text { Ray's Car Repair (credit) } & 158.46 \
\hline \text { April } 18 & \text { Camilo's Hardware } & 132.12 \
\hline \text { April } 22 & \text { Colorful Flowers } & 220.24 \
\hline
\end{array}
\end{array}$$

Quizplus · Accepted Answer

The correct answer is A because the new balance is $639.90. The unpaid balance is $362.11. The total purchases are $726.58 ($215.76 + $132.12 + $220.24). The total payments are $137.30. The total credits are $158.46. The new balance is $362.11 + $726.58 - $137.30 - $158.46 = $639.90.

Javier Has a Revolving Credit Account at an Annual Percentage