Question

ALGEBRA Ben Shield's credit card uses the unpaid-balance method to compute the finance charge at a monthly periodic rate of 1.875%. During the monthly billing cycle, Ben charged $238.75, made a payment of $300.00, and had a finance charge of $7.99. Find his unpaid balance, previous balance, and new balance.​

Answer 1

The new balance is a credit of $ 48.78.

Since Ben Shield's credit card uses the unpaid-balance method to compute the finance charge at a monthly periodic rate of 1.875%, and during the monthly billing cycle, Ben charged $ 238.75, made a payment of $ 300.00, and had a finance charge of $ 7.99, to find his new balance, the following calculations must be performed:

• Finance charge + new purchases + previous balance - payments = X
• 238.75 x 1.01875 + 7.99 - 300 = X
• 243.22 + 7.99 - 300 = X
• 251.21 - 300 = X
• -48.78 = X

Therefore, the new balance is a credit of $ 48.78.

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