could anyone help me with this math problem please? This is a financial question that I can't solve.?

Question

(If a payment is made in full by the billing date, no interest is charged.)

This month, Cindy had a previous credit card balance of $45, bought a sweater for $25.50, paid for a dinner out which cost $55.00, bought a book for one of her classes for $62.25, and treated herself to 3 new CDs which came to $47.62. She had made an early payment of $50. How much would she owe on her due date?

If it's possible, could you also give me the formula or steps taken to solve this?

Answer 1

credit cards usually don't apply interest if you payoff the charged items the same month you charged them.
the 45 dollars owed on the credit card is the balance due with interest. if you paid 50 to start the month, you paid off the 45 and leaving a 5 dollar credit on the card. now add up all the current month charges and subtract from 5.
that's the balance currently due. $185.37

Answer 2

ok,ill try to help,forget about the $45. balance right now,add the 25.50 for the sweater-the 55.00 meal-the book62.25-and three cd's47.62 -you should come up with 190.37,now she made a early payment of $50. on the $45. balance,this should leave her with a $5 dollar credit,subtract the $5. from the stuff that she bought,190.37,this should leave her owing a balance of 185.37.....

Answer 3

There's an easy way to do this one.

Take the beginning balance, add to it the purchases during the month, subtract out the early payment of $50 and you'll have your payment amount due.

Or, in terms of a formula just use:

BB + P - EP = AD

where

BB = beginning balance; P = purchases; EP = early payment and AD = amount due

Try it and you'll get the following:

$45.00 + (25.50 +55.00 + 62.25 + 47.62) - 50.00 = $185.37

Hope this helps.

-- hh

Answer 4

You need to tell us what the interest rate is so we can calculate the interest on the $45 balance from last statement period (unless you are saying the $50 was paid before the previous payment was due).

Answer 5

Beginning balance + purchases - payments and credits = new balance due. Therefore the ending balance is $185.37. Plus any interest that accrued on the existing balance.

BTW, interest will still be due if the balance must be paid in full by the billing date. No additional interest would be due if the balance must be paid in full by the DUE DATE.

Answer 6

$140.37 is the entire ballance based on the #'s you provided
If the Card Co's a respectable one? And you had a zero ballance
prior to the charges mentioned? You will owe nothing
IF?
you pay off the ballance prior to the end of the cycle
if you call the toll free # on the back of the cfard
then ask to speak to a representative
then ask the appropriate question's(i.e.)
"When do I need to pay off my balance by to acrue $0.00 in interest?"
they will tell you.
IF? on the other hand your credit card co. is Capitol 1, or any other fly by nite organization?
the answer is in the wind my friend
I manage my finances very well, so I do knmow that Capitol One's stipulation is that the payment must have been recieved by them before the due date to get full credit in time
If you have problems on the phone
ask to speak to a specialist/ manager
then ask that person for a one time exception. If they have any integrity they will allow you one time.
Good luck,
dt

Answer 7

im not sure but i think the answer is $185.37 i did the math on a calculator and in my head what you do is add all prices together then subtract 50.00 that she made an early payment of and u get ur answer like that but i can be worng u may wanna double check. then add 45 dollars to it for her balance

Answer 8

185.37
that is providing she was not late on her previous balance of 45 dollars.
add all new charges to previous balance, subtract early payment.

Answer 9

add her previous balance along with all the things she bought...subtract the 50 she paid..and theres ur answer..right?

Answer 10

wouldnt u just subtract everything form 95$?