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March 28, 2017

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Aaron had an unpaid balance of $1,177.79 on his credit card statement at the beginning of April. He made a payment of $430.00 during the month, and made purchases of $366.02. If the interest rate on Aaron's credit card was 4.5% per month on the unpaid balance, find his finance charge and the new balance on May 1.

Finance charge = $52.21; new balance = $1,166.02
Finance charge = $56.11; new balance = $1,169.92
Finance charge = $53.00; new balance = $1,166.81
Finance charge = $55.32; new balance = $1,169.13

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