1. The statement closing date is 11/09/13, and the scheduled payment due date is 12/01/13. This indicates the billing cycle ends on 11/09/13 and the payment for that cycle is due by 12/01/13.
2. The available credit is $1,576.80, calculated as the credit line ($2,100.00) minus the new balance ($523.20).
3. The previous balance was $1,686.15. A payment of $1,686.15 was applied, reducing the balance to zero before new charges were added.
4. New purchases and other charges totaling $523.20 were made during the billing cycle, resulting in a new balance of $523.20 since no finance charge was applied.
5. The scheduled minimum payment is $35.00, which is the smallest amount required to avoid late fees and potential penalties.
6. The account holder’s name is TERESA TORRES, and the mailing address is 123 ANY STREET, CITY CA 12345.
7. The cardholder should pay at least $35.00 by 12/01/13 to avoid late fees. Paying only the minimum will result in paying more interest over time.
8. The annual percentage rate (APR) for purchases is 19.80%, and for cash advances, it is 21.80%. The composite APR is 21.80%.
9. If the cardholder pays only the minimum payment each month, they will pay off the balance in about 1 year and end up paying an estimated total of $596, saving $31 compared to paying over 1.5 years.
10. The transactions section shows a payment of $1,686.15 posted on 10/08 and a purchase of $523.20 posted on 10/08, with the payment reference number and merchant name redacted.
11. The amount enclosed should be at least $35.00 to meet the minimum payment requirement, but paying the full new balance of $523.20 is recommended to avoid interest charges.
12. The payment address for sending payments is 123 ANY STREET, LOS ANGELES, CA 90030-0086.
Parent Tip: Review the logic above to help your child master the concept of credit card math worksheet.
