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Chevis had a previous credit card balance of $456.79. He was assessed a 1.5% finance charge. He made no payments or purchases. The credit card company added a $20 late fee. The next month, he was again assessed a 1.5% finance charge. What is his new balance?

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If the credit card balance was $456.79 and the company assessed a 1.5% finance charge, then the finance charge resulted in a charge of $6.85, so the new balance would be $463.64.

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