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March 29, 2017

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Jason’s credit card’s beginning unpaid balance for August is $2,000. During the August billing cycle he made a payment of $200 and used card to purchase $50 worth of grocery. Credit card charges 24% annual percentage rate and uses the unpaid balance method.

a. What is the finance charge at the end of August? (5 Points)
Answer:


b. What is the new balance at the end of August? (5 Points)
Answer:

  • Maths - ,

    a. The unpaid balance is $1800. On e month's interest on that is 2%, or $36. That is the finance charge in this case.

    b. Unpaid balance + finance charge + new purchases = 1800 + 36 + 50 = ?

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