ZuoTi.Pro
Question

I need help calculating the finance charge and new balance using the previous balance method

I need help calculating the finance charge and new balance using the previous balance method.
Previous balance = $179.32
Annual rate = 16%
Finance charge = $ ?
New purchases = $117.42
Payments/credits = $85.00
New balance = $ ?

I also need help calculating the unpaid balance, finance charge, and the new balance using the unpaid balance method.
Note: interest rate given as a monthly rate.
Previous balance = $179.32
Payments/credits = $85.00
Unpaid balance = $ ?
Monthly rate = 1.25%
Finance charge = $ ?
New purchases = $117.42
New balance = $ ?

Thank You. Once these frusterating questions are finished this completes my assinment.
math   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Finance charge=179.32×(0.16÷12months)

=2.39

New balance= previous balance-payments/credit+finance change+New purchases

New balance=179.32−85+2.39+117.42

=214.13


answered by: mathpower
1 0
Add a comment
Answer #2

== PART 2 ==

Unpaid balance = 179.32-85=94.32

Finance charge = 94.32×(0.0125÷12)=0.09825

New balance = 179.32-85+0.09825+117.42=211.84

answered by: mathpower
1 0
Add a comment
Know the answer?
Add Answer to:
I need help calculating the finance charge and new balance using the previous balance method
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  • Calculate the finance charge and new balance using the previous balance method

    Calculate the finance charge and new balance using the previous balance method.Previous balance = $179.32Annual rate = 16%Finance charge = New purchases = $117.42Payments/credits = $85.00New balance =

  • Question 2 1 pts Eden Valley Patio Furniture has the following credit terms: "The finance charge,...

    Question 2 1 pts Eden Valley Patio Furniture has the following credit terms: "The finance charge, if any, is based on the previous balance before payments or credits are deducted. The rates are 1.5% per month up to $1,000 and 1.25% per month on amounts in excess of $1,000. These are annual percentage rates of 18% and 15%, respectively. There is no finance charge if the full amount of the new balance is paid within 30 days after the cycle...

  • Question 13 6 pts Use the unpaid balance method to find the finance charge on the...

    Question 13 6 pts Use the unpaid balance method to find the finance charge on the credit card account given the following information: last month's balance: $700, payment: $480, interest rate: 21%, bought ring: $210, bought theater tickets: $142, returned vase: $128. Round to two decimals. Next → • Previous

  • Chapter 6 Financial Planning Exercise 11 Calculate credit card finance charge Parker Young recently received his...

    Chapter 6 Financial Planning Exercise 11 Calculate credit card finance charge Parker Young recently received his monthly MasterCard bill for the period June 1-30, 2017, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 17 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows: Previous balance: $346 Purchases: Payments: June 4 $278 June 21 $20 June 12 June 20 June 26 a. What...

  • 7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan...

    7. Calculating finance charges using the discount method and APR on a single-payment Aa Aa loan You are taking out a single-payment loan that uses the discount method to compute the finance charges. Computing the finance charges is done method. Under the discount method, a borrower receives the principal the principal is $10,000 and the finance charges are $400, the borrower will receive $ the way they're computed using the simple interest the finance charges. For example, if The following...

  • Which of the following is an advantage of using credit cards

    1. Which of the following is an advantage of using credit cards? (Points : 1) Credit card accounts charge monthly interest. It is very easy to charge more than you can pay off each month. If you pay late, you will be charged a late fee. They are convenient.2. The amount left when you subtract last month's payment from last month's balance on a credit card statement is the (Points : 1) APR. unpaid balance. new balance. minimum payment.3. The...

  • HELP! How do I find the MONTHLY finance charge on a loan of $5,915 for 24...

    HELP! How do I find the MONTHLY finance charge on a loan of $5,915 for 24 months, what is each months finance charge monthly payment is $293.29 the interest rate is 9.5% I am doing this in a excel sheet. Is there anyway excel computes this for you?

  • Register Date Transactions Unpaid Balance April 10 1389.21 April 11 April 12 April 13 April 14...

    Register Date Transactions Unpaid Balance April 10 1389.21 April 11 April 12 April 13 April 14 April 15 April 16 April 17 April 18 April 19 April 20 April 21 April 22 April 23 April 24 April 25 April 26 April 27 April 28 April 29 April 30 May 1 May 2 May 3 May 4 May 5 May 6 May 7 May 8 May 9 Perform the following tasks (continued): Enter your answers in this column. At the end...

  • Please help me do 2 questions! I can't do that! Thank you. r 6. 0/1 points | Previous Answers TanApMath7 4.2.021 My...

    Please help me do 2 questions! I can't do that! Thank you. r 6. 0/1 points | Previous Answers TanApMath7 4.2.021 My Notes Ask Your Teacher Luis has丰190,000 in his retirement account at his present company. Because he is assuming a position with another company, Luis is planning to "roll over" his assets to a new account. Luis also plans to put $2000 quarter into the new account until his retirement 30 years from now the new account earns interest...

  • I need help with calculating the probability using C++ . Saying that I'm only dealing with...

    I need help with calculating the probability using C++ . Saying that I'm only dealing with 2 cards . For example, if my cards are 5 & 6 what is the probablity of me going to bust ? knowing that there are 4 jacks,4 kings and queen left . I understand the concept but I don't know how to program it .

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT