Solve the problem.
-On the May 3 billing date, Jason had a balance due of $257.46 on his credit card. During the next Month, Jason charged an additional $257.59 and makes a payment of $190.59. The interest rate on The card is 1.7% per month. Using the previous balance method, find the new balance on June 3.
A) $519.43
B) $329.98
C) $328.84
D) $71.25

Question

Quizplus · Accepted Answer

The new balance is calculated by adding the previous balance, new charges, and interest, then subtracting any payments. The interest is calculated on the previous balance. So, $257.46 (previous balance) + $257.59 (new charges) - $190.59 (payment) + $4.38 (interest on $257.46) = $328.84.

Solve the Problem. -On the May 3 Billing Date, Jason Had a Balance