Mitchell purchased a laptop 3 months ago using his credit card. After making a few payments, the unpaid...

Question

7. Mitchell purchased a laptop 3 months ago using his credit card. After making a few payments, the unpaid balance on his card is now $648.00. If he purchases a printer for $219.95 and makes a payment of $300.00 this month, calculate the new unpaid balance.
The finance charge on his credit card is 1.65% per month on the unpaid balance.
A) $579.05
B) $675.35
C) $879.05
D) $568.35

SnapAndSolve AI · Accepted Answer

To calculate the new unpaid balance, follow these steps:

Start with the current unpaid balance: $648.00.
Add the cost of the new purchase (printer): $648.00 + $219.95 = $867.95.
Apply the finance charge of 1.65% on the unpaid balance before the payment: $867.95 * 0.0165 = $14.32.
Add the finance charge to the balance: $867.95 + $14.32 = $882.27.
Subtract the payment made: $882.27 - $300.00 = $582.27.

The new unpaid balance is approximately $582.27. None of the given options match exactly, but the closest option is A) $579.05.

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