Suppose you have a revolving credit account at an annual percentage rate of 12%, and your previous monthly balance is $383.79. Find your new balance (in $) if your account showed the following activity. Use the unpaid balance method. (Round your answer to the nearest cent.) Statement of AccountDATEJuly 04July 08July 16July 22July 29DESCRIPTION OF TRANSACTIONSKit and Capoodle PetsPaymentCash advanceBilling cycle: July 1-31Mountain VineyardsVu Video (credit)CHARGES$109.0861.0096.8231.3795.97

New balance is calculated by taking into consideration the previous balance and all the balance…

Suppose you have a revolving credit account at an annual percentage rate of 12%, and your previous monthly balance is $383.79. Find your new balance (in $) if your account showed the following activity. Use the unpaid balance method. (Round your answer to the nearest cent.)

Suppose you have a revolving credit account at an annual percentage rate of 12%, and your previous monthly balance is $383.79. Find your new balance (in $) if your account showed the following activity. Use the unpaid balance method. (Round your answer to the nearest cent.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

100%

Statement of Account
DATE
July 04
July 08
July 16
July 22
July 29
DESCRIPTION OF TRANSACTIONS
Kit and Capoodle Pets
Payment
Cash advance
Billing cycle: July 1-31
Mountain Vineyards
Vu Video (credit)
CHARGES
$109.08
61.00
96.82
31.37
95.97

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