The account balance on April 1st is $60.15. On April 15th a payment of $51.00 is made. On April 25th a purchase of $91.27 is mad
2 answers:
Answer:
Finance charge = $0.13725
New balance =$100.55
Step-by-step explanation:
Given : The account balance on April 1st is $60.15. On April 15th a payment of $51.00 is made. On April 25th a purchase of $91.27 is made. The annual rate is 18%.
To find : What is the finance charge and what is his new account balance?
Solution :
Previous balance = $60.15
Payment = $51
We find the unpaid balance,
Unpaid balance = Previous balance - Payments
= $60.15 - $51
Unpaid balance = $9.15
We have given rate of interest= 18%=0.18
Now, we find the finance charge
Finance charge = Finance rate × Unpaid balance
Finance charge =
Finance charge = $0.13725
New balance = Unpaid balance + finance charge + new transaction
New balance = $9.15 +$0.13725+ $91.27
New balance =$100.55
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