Credit card finance charges- troy has a credit card that, Ask an Expert

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Credit Card Finance Charges-

Troy has a credit card that charges 18% on outstanding balances and on cash advances. The closing date on the credit card is the first of each month. Last month Troy left a balance on his credit card of $200. This month Troy took out a cash advance of $150 and made $325 in purchases. Troy made a payment of $220.

What will the total of Troy's new balance be on his next credit card statement, taking into account finance charges?

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Financial Management, Finance

Category:- Financial Management
Reference No.:- M92060786

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