Credit Cards · Example 5

Kaylen’s credit card charges 16.9% annual interest. His current billing period is from November 1 to November 30. The balance on November 1 was $1,845.23. Use Kaylen’s following transactions to determine his balance due at the end of the billing cycle.

\begin{array}{|c|c|c|}\hline \text{Date} & \text{Activity} & \text{Amount} \\ \hline \text{1-Nov} & \text{Billing Date Balance} & \text{$1,845.23} \\ \hline \text{3-Nov} & \text{Groceries} & \text{$78.50} \\ \hline \text{4-Nov} & \text{Tablet} & \text{$159.00} \\ \hline \text{4-Nov} & \text{Online Game Purchase} & \text{$39.99} \\ \hline \text{4-Nov} & \text{Restaurant} & \text{$47.10} \\ \hline \text{10-Nov} & \text{Payment} & \text{$300.00} \\ \hline \text{13-Nov} & \text{Gasoline} & \text{$58.75} \\ \hline \text{13-Nov} & \text{Clothing} & \text{$135.00} \\ \hline \text{18-Nov} & \text{Gift} & \text{$30.00} \\ \hline \text{18-Nov} & \text{Restaurant} & \text{$21.75} \\ \hline \text{28-Nov} & \text{Gasoline} & \text{$43.79} \\ \hline\end{array}

OpenStax, Contemporary Mathematics · §6.10 Credit Cards · Example 5