On the last statement of your Visa Card, your balance was $625.00. You paid $225.00. Your credit card company uses the previous balance method to
compute your finance charge and the periodic rate is 1.5%. You make a
purchase of $72.00. What is your new balance?
Finance Charge = Previous Balance x
Periodic Rate
New Balance = Previous Balance + Finance
Charge + New Purchases - (Payments +
Credits)