Math
posted by Princess .
I need help with this problem.
Jason's credit cards 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 groceries. Credit card charges 24% annual percentage rate and uses the unpaid balance method.
a) What is the finance charge at the end of August?
b) What is the new balance at the end of August?

a. Bal. = 2000  200 + 50 = 1850.
Int. = 0.24(31/365) * 1850,
Int. = 0.02038 * 1850 = 37.71.
b. New Bal. = 1850 + 37.71 = 1887.71.
NOTE: Some companies use 360 days as a business year.
Respond to this Question
Similar Questions

math
Need help with math problem. Tom has an unpaid balance of $2,115.75 on his credit card statement at the beginning of June. He made a payment of $85.00 during the month. If the interest rate on Phil's credit card was 11% per month on … 
business math
. 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 … 
math
Phil had an unpaid balance of $1,854.50 on his credit card statement at the beginning of December. He made a payment of $45.00 during the month. If the interest rate on Phil's credit card was 2.5% per month on the unpaid balance, find … 
math
Katie had an unpaid balance of $1,734.50 on her credit card statement at the beginning of January. She made a payment of $165.00 during the month. If the interest rate on Katie's credit card was 7% per month on the unpaid balance, … 
math
john had an unpaid debt of $1,177.79 on a credit card at the beginning of the month. He made a payment of $430.00 and made purchases of $366.02 during that month. If the interst rate of john's credit card was 4.5% per month on the … 
Maths
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 … 
math
Katie had an unpaid balance of $1,734.50 on her credit card statement at the beginning of January. She made a payment of $165.00 during the month. If the interest rate on Katie's credit card was 7% per month on the unpaid balance, … 
computer programming
Paying Off Credit Card Debt Each month, a credit card statement will come with the option for you to pay a minimum amount of your charge, usually 2% of the balance due. However, the credit card company earns money by charging interest … 
Computer science
Paying Off Credit Card Debt Each month, a credit card statement will come with the option for you to pay a minimum amount of your charge, usually 2% of the balance due. However, the credit card company earns money by charging interest … 
math
Question 12.12. Katie had an unpaid balance of $1,734.50 on her credit card statement at the beginning of January. She made a payment of $165.00 during the month. If the interest rate on Katie's credit card was 7% per month on the …