Find the new balance, assuming that the bank charges 11% per month on the unpaid balance. (Round your answer to the nearest cent.) Previous Balance $378.95 Payment $75 Additional Materials New Purchases $248.97

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Q: Find the new balance, assuming that the bank charges 12% per month on the unpaid balance. (Round…

A: Interest = (Rate of interest × Amount × Time)/100 Using this, find the new balance.

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