Respuesta :
Answer:
1) Finance charge = $0.71925
New balance =$93.59925
2) Finance charge = $1.33026
New balance = $202.1235
3) Finance charge = $3.3135
Finance charge = $3.3135
Step-by-step explanation:
1) Given : Previous balance = $104.15
Annual rate = 14%
New purchases = $31.23
Payments/credits = $42.50
To find : What is the finance charge and new balance?
Solution :
First we find the unpaid balance,
Unpaid balance = Previous balance - Payments
= $104.15 - $42.50
Unpaid balance = $61.65
We have given rate of interest= 14%=0.14
Finance charge = Finance rate × Unpaid balance
Finance charge = [tex]\frac{0.14}{12} \times 61.65[/tex]
Finance charge = $0.71925
New balance = Unpaid balance + finance charge + new transaction
New balance = $61.65 +$0.71925+ $31.23
New balance =$93.59925
2) Given : Previous balance = $224.12
Annual rate = 16%
New purchases = $15.11
Payments/credits = $124.35
To find : What is the finance charge and new balance?
Solution :
First we find the unpaid balance,
Unpaid balance = Previous balance - Payments
= $224.12 - $124.35
Unpaid balance = $99.77
We have given rate of interest= 16% =0.16
Finance charge = Finance rate × Unpaid balance
Finance charge = [tex]\frac{0.16}{12} \times 99.77[/tex]
Finance charge = $1.33026
New balance = Unpaid balance + finance charge + new transaction
New balance = $99.77 +$1.33026+ $15.11
New balance =$116.21026
3) Given : Previous balance = $250.25
Annual rate =20%
New purchases = $0.00
Payments/credits = $51.44
To find : What is the finance charge and new balance?
Solution :
First we find the unpaid balance,
Unpaid balance = Previous balance - Payments
= $250.25 - $51.44
Unpaid balance = $198.81
We have given rate of interest=20% =0.2
Finance charge = Finance rate × Unpaid balance
Finance charge = [tex]\frac{0.2}{12} \times 198.81[/tex]
Finance charge = $3.3135
New balance = Unpaid balance + finance charge + new transaction
New balance = $198.81 +$3.3135+ $0.00
New balance = $202.1235
