While on a business trip in February, Bob Barrett charged the following expenses to his company's credit card: meals ($168), entertainment ($162), and hotel($467). On March 1, Bob makes a payment of $188 and makes no other charges on this credit card. The bank that issues the card charges 1.2% interest per month. What is the balance due on April 1?
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The expenses for February 168 + 162 + 467, a total of $797.00 He makes a payment of $188 that would leave a balance of $609. Here is where the credit card policies come into play. Some credit card companies will, when the balance is not paid off charge interest on the entire balance the next month, if this is the case the Balance due April 1 would be $618.56 otherwise if it is a decent company his balance would be $616.38