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Calculate the unpaid balance, finance charge, and new balance using the unpaid balance method. Note: Interest rate is given as a monthly rate
Previous balance:$179.32
Payments/credits:$85.00
Unpaid balance:$
Monthly rate:1.25%
Finance charge:$
New purchases=$117.42
New balance=$

Sagot :

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The Unpaid balance is $94.32, Finance charge is $1.179 and new balance is $148.079.

Finance charge

Unpaid balance:

Unpaid balance=Previous balance-Payments/credits

Unpaid balance=$179.32-$85.00

Unpaid balance= $94.32


Finance charge:

Finance charge =Finance charge×Monthly rate

Finance charge=$94.32×1.25%

Finance charge=$1.179

New balance:

New balance =Previous balance-(New purchases-Payments/credits)+Finance charges

New balance=$179.32-($117.42-$85.00)+$1.179

New balance=$179.32-$32.42+$1.179

New balance=$148.079

Therefore the Unpaid balance is $94.32, Finance charge is $1.179 and new balance is $148.079.

Learn more about finance charge here:https://brainly.com/question/3436429

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