LeAnna has a revolving credit account at an annual percentage rate of 15%. Her previous monthly balance is $928.26. Find the new balance if LeAnna's account showed the following activity. (Use the unpaid balance method) $$\begin{array}{l}
\text { STATEMENT OF ACCOUNT Billing cycle: March 1-31 }\
\begin{array} { | l | l | l | }
\hline \text { March } 5 & \text { Javier's Wines } & \$ 84.24 \
\hline \text { March } 12 & \text { Payment } & 110.12 \
\hline \text { March } 17 & \text { McMullen's Pub } & 125.98 \
\hline \text { March } 22 & \text { Mountain View Art (credit) } & 228.21 \
\hline \text { March } 26 & \text { Cash Advances } & 100.00 \
\hline
\end{array}
\end{array}$$

Question

LeAnna has a revolving credit account at an annual percentage rate of 15%. Her previous monthly balance is $928.26. Find the new balance if LeAnna's account showed the following activity. (Use the unpaid balance method) $$\begin{array}{l}
\text { STATEMENT OF ACCOUNT Billing cycle: March 1-31 }\
\begin{array} { | l | l | l | } 
\hline \text { March } 5 & \text { Javier's Wines } & \$ 84.24 \
\hline \text { March } 12 & \text { Payment } & 110.12 \
\hline \text { March } 17 & \text { McMullen's Pub } & 125.98 \
\hline \text { March } 22 & \text { Mountain View Art (credit) } & 228.21 \
\hline \text { March } 26 & \text { Cash Advances } & 100.00 \
\hline
\end{array}
\end{array}$$

Quizplus · Accepted Answer

The correct answer is A.The unpaid balance method calculates the new balance by adding the unpaid balance from the previous month to the new purchases and subtracting any payments or credits.Unpaid balance from previous month: $928.26New purchases: $84.24 + $125.98 + $100.00 = $310.22Payments: $110.12Credits: $228.21New balance = $928.26 + $310.22 - $110.12 - $228.21 = $911.75

LeAnna Has a Revolving Credit Account at an Annual Percentage