Question 1135817
here's a reference on the unpaid balance method.


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in your problem:


monthly interest rate = 19.2 / 12 = 1.6%


unpaid balance is 1376.64.
additional purchase are 47.35 for a printer cartridge plus 298.56 for books plus 16.05 for gasoline.


he made a payment of 1200.


his finance charge for the month is on the unpaid balance for the previous month.


.016 * 1376.64 equals finance charge of 22.03.


his new balance at the end of the current month will be:


1376.64 + 47.35 for a printer cartridge + 298.56 for books + 16.05 for gasoline - payment of 1200 + finance charge of 22.03 = 560.63