Question

Calculate the unpaid balance, finance charge, and new balance using the unpaid balance method.

Answer 1

Answer:

Step-by-step explanation:

Previous balance = $410.22

Payments/credits = $160.00

unpaid balance : $410.22-$160.00=$250.22

Monthly rate = 1.25%

Finance charge : 1.25 % of $250.22=$3.7533

Total balance to be paid when Finance charge is included : $250.22+$3.7533=$253.9733

New balance :

$253.9733+$95.25=349.2233