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 unpaid balance, find the finance charge and the new balance on February 1.

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1. 7% per month ????

in the middle ages , they would burn folks on the stake for rates like that. It was called usury.

anyway ....

interest on balance = .07(1734.50) = \$121.42
actual repayment from loan
= 165-121.42 = \$43.59

Balance next month = 1734.50 - 43.59
= \$ 1690.92

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posted by Reiny

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