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Please help me with these 2 Math problems!?!?
Arnold Brown has a visa card with an annual percentage rate of 18.0%. The unpaid balance for his June billing cycle is 1034.44. During the billing cycle he purchased a printer cartridge for $41.14, books $202.98, and gas $15.47. He made a payment of $1100. If the account applies the unpaid balance method, what are the finance charge and new balance?
finance charge? new balance?
The finance charge is based on the unpaid balance at the beginning of the period, $1034.44.
To calculate the finance charge you must convert the annual rate you are given to monthly rate. Do this by dividing 18% by 12 (number of months in a year) and this gives you 1.5%.
.015 x 1034.44 = 15.5166 or about $15.52
The new balance is the old plus purchases and interest and less payments.
1034.44+41.14+202.98+15.47+15.52-1100 = $209.55