SOLUTION: Tonya Felburn owes $3,622.41 on five credit cards. She paid $20 on each of the credit card bills. She was charged an average monthly interest rate of 1.35% on the remaining balan

Question 1178953: Tonya Felburn owes $3,622.41 on five credit cards. She paid $20 on each of the credit card bills. She was charged an average monthly interest rate of 1.35% on the remaining balance. She also charged a total of $115.90 before the next monthly billing. How much does she owe the credit card companies now?
Answer by CPhill(1959) (Show Source): You can put this solution on YOUR website!
Here's how to calculate Tonya's new balance:
1. **Total Payment:** Tonya paid $20 on each of her 5 credit cards, so she paid a total of $20 * 5 = $100.
2. **Remaining Balance:** Her remaining balance after the payments is $3,622.41 - $100 = $3,522.41.
3. **Interest Charged:** The interest charged is 1.35% of the remaining balance, so $3,522.41 * 0.0135 = $47.55 (rounded to the nearest cent).
4. **New Balance (Before Additional Charges):** Her new balance after interest is $3,522.41 + $47.55 = $3,569.96.
5. **Final Balance:** She then charged an additional $115.90, so her final balance is $3,569.96 + $115.90 = $3,685.86.
**Therefore, Tonya now owes the credit card companies $3,685.86.**

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