Calculate the finance charge and new balance using the previous balance method. Previous balance = $199.19 Annual rate = 14%
1 answer:
Answer:
Finance charge = $2.32
new balance = $201.51
Step-by-step explanation:
Finance charge = Previous balance×Periodic percentage rate
The previous balance is 199.19
The annual percentage rate is 0.14. Therefore, the periodic percentage rate is; (0.14/12)
Finance charge = 199.19 * (0.14/12)
= 2.3239 = $2.32
new balance = previous balance + finance charge
= 199.19 + 2.32
= $201.51
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