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6. The cardholder pays the minimum payment of $53.00 this month and makes no new purchases during the next

billing cycle. What will be the new credit card balance during the next billing cycle if the cardholder has a $10.27

interest charge for the month? (1 point)

Respuesta :

Answer:

Step-by-step explanation:

So, first of all, let's understand how credit card payment works.

1. Credit cards give a particular amount of cash which can be spend on credit

2. You need to the minimum payment by the due date each month.

In this case, in order to identify the balance for the next month, this equation works:

Card balance-minimum payment-interest to be paid = new credit card balance

So, you subtract (53+10.27=63.27) from the card balance from previous month(cycle).

Here, information about the previous balance is not provided  Maybe the question is not asked in full and misses some detailes.

anthougo

The new credit card balance during the next billing cycle will be $1,037.27.

How is the finance charge calculated on credit cards?

Assuming that the credit card's finance charge is calculated monthly based on a monthly billing cycle, then the finance charge is the monthly APR multiplied by the credit card balance.

The finance charge can also be computed based on the daily balance.

Data and Calculations:

Interest charge for the month = $10.27

Assumed monthly APR = 1%

Balance after payment and before interest = $1,027 ($10.27/1%)

Balance after the addition of interest charge = $1,037.27 ($1,027 + $10.27).

Thus, the new credit card balance during the next billing cycle will be $1,037.27.

Learn more about credit card finance charges at https://brainly.com/question/4403314

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