Blake Ewasko's charge account uses the unpaid balance method to compute the
finance charges at a monthly periodic rate of 2.15%. During the month, he
charged $189.34, made a $100.00payment, and had a $21.54 finance charge. Find
Blake's new balance. *
Answers
Given : Blake Ewasko's charge account uses the unpaid balance method to compute the finance charges at a monthly periodic rate of 2.15%. During the month, he
charged $189.34, made a $100.00payment, and had a $21.54 finance charge.
To Find :
Blake's new balance.
Solution:
unpaid balance = P
a monthly periodic rate of 2.15%
Finance charges = P * 2.15 / 100 = 21.54
=> P = 1,001.86 $
charged $189.34,
made a $100.00payment,
$ 21.54 finance charge.
Blake's new balance. = unpaid balance + charged + finance charge. - Payment
= 1,001.86 + 189.34 + 21.54 - 100
= 1,212.74 - 100
= 1112.74 $
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