Christopher has a credit card with an apr of 13.13%. the card uses the adjusted balance method to calculate finance charges. the following table details christopher’s transactions with his credit card in the month of december. date amount ($) transaction 12/1 424.86 beginning balance 12/3 55.25 payment 12/5 78.10 purchase 12/14 20.00 payment 12/16 27.97 purchase 12/22 8.16 purchase 12/29 46.07 purchase if christopher is on a 30-day billing cycle, what will his new beginning balance be after december? a. $509.91 b. $349.61 c. $353.44 d. $513.74

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Parrain Parrain · Answer 1 · 2022-04-22T14:07:24+02:00

Based on his purchases and payments, as well as the opening balance, Christopher's opening balance after December will be d. $513.74.

First find the balance on the card:

= Opening balance + Purchases - Payments

= 424.86 + 78.10 + 27.97 + 8.16 + 46.07 - 55.25 - 20

= $509.91

Opening balance becomes:

= 509.91 x (1 + 13.13%/365 days x 30 days)

= $513.74

In conclusion, option D is correct.

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