Mathematics, 14.10.2019 09:30 leilanimontes714

1. previous balance = $104.15

annual rate = 14%

finance charge = $

new purchases = $31.23

payments/credits = $42.50

new balance = $

2. previous balance = $224.12

annual rate = 16%

finance charge = $

new purchases = $15.11

payments/credits = $124.35

new balance = $

3. previous balance = $250.25

annual rate = 20%

finance charge = $

new purchases = $0.00

payments/credits = $51.44

new balance = $

Answers: 2

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Answers

Answer from: surpremeblizzle

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 = $\frac{0.14}{12} \times 61.65$

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 = $\frac{0.16}{12} \times 99.77$

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 = $\frac{0.2}{12} \times 198.81$

Finance charge = $3.3135

New balance = Unpaid balance + finance charge + new transaction

New balance = $198.81 +$3.3135+ $0.00

New balance = $202.1235

Answer from: Quest

The answer is 26 to 1

Answer from: Quest

yes

step-by-step explanation:

yes

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1. previous balance = $104.15

annual rate = 14%

finance charge = $