posted by ar on .
Scott charged a $568 purchase on his credit card. The first month he
paid $200. The second month's statement included a 1.75% monthly finance
charge, computed on the unpaid balance method. What was the total amount
due on the second statement?
After the first month's payment was made, Scott still owed $368. On his next payment, he would have had a balance due of $368 PLUS 1.75% of $368.
You do the numbers.