Compute the New Balance Due on a Credit Card with a 30

Multiple Choice

Compute the new balance due on a credit card with a 30 day billing cycle, and assuming the previous balance method, and the following: ∙ Balance due on statement = $450
∙ Purchases during the month = $300
∙ Payments made within the grace period = $250
∙ Interest rate = 18 percent

A) $500
B) $507
C) $511
D) Insufficient information