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Posted by **MONICA** on Saturday, November 26, 2011 at 5:28pm.

HELP!!

- ALGEBRA -
**drwls**, Saturday, November 26, 2011 at 5:37pmWhat are they asking you to calculate?

All you have said is the amount of the payment, the balance and interest rate, and that they use the previous balance method.

- ALGEBRA -
**MONICA**, Saturday, November 26, 2011 at 6:24pmWell that is the question.I really do not know.

- ALGEBRA -
**MONICA**, Saturday, November 26, 2011 at 8:54pmok I came up with I=Prt =500(.20)(1/12)=$8.30 is this correct.

- ALGEBRA -
**drwls**, Sunday, November 27, 2011 at 12:21amIf what they want is the finance charge in the next billing cycle, that will be $450 * (0.20)/12 = $7.50

For the billing cycle of the current bill, the finance charge depends upon the previous unpaid balance. If that previous balance was $500, then your calculation is correct.

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