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You have a credit card account with a previous balance of $635. You added two additional purchases for $75 and $50 during this billing period. You made a payment of $150. Your APR is 16. 5%. Using the adjusted balance method, what is your new balance?

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anthougo

The new balance of the credit card account using the adjusted balance method is $618.39.

What is the adjusted balance method?

The adjusted balance method is a credit card accounting method that bases finance charges on the adjusted ending balance of the account.

This implies that the finance charge is computed on the amount the cardholder owes at the end of the current billing cycle after posting both credits and payments to the account.

Data and Calculations:

Beginning balance  $635

Purchases                    75

Purchases                   50

Payment                    (150)

Adjusted balance    $610

Finance Charges     8.39 ($610 x 16.5% x 1/12)

Ending balance      $618.39

Thus, the new balance of the credit card account using the adjusted balance method is $618.39.

Learn more about the adjusted balance method at https://brainly.com/question/1808408

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