anonymous
  • anonymous
Katie had an unpaid balance of $2,072.25 on her credit card statement at the beginning of March. She made a payment of $440.00 during the month. If the interest rate on Katie's credit card was 15.5% per month on the unpaid balance, find the finance charge and the new balance on April 1.
Mathematics
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SOLVED
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katieb
  • katieb
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anonymous
  • anonymous
A.Finance charge = $325.31; new balance = $1,957.56 B.Finance charge = $331.34; new balance = $1,963.59 C.Finance charge = $321.20; new balance = $1,953.45 D.Finance charge = $319.31; new balance = $1,951.56
amistre64
  • amistre64
Any ideas on how to approach it?
anonymous
  • anonymous
None really...that's why I'm asking. :-)

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amistre64
  • amistre64
well, you should have a basic idea, even if it wrong. you are taking a class arent you? give me an idea.
amistre64
  • amistre64
we have a balance, we make a payment ... is the payment before or after the interest is calculated?

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