Question 121480
Assuming that Frank only gets interest calculated on the last day of his billing period, then calculate how much he still owes on that day. 
Ending Balance = Starting Balance - Payment + Charges
{{{B[e]=683.19-475+317}}} 
{{{B[e]=525.19}}}
The interest, or finance charge, is then 1.5% of the Ending Balance.
{{{I=525.19(1.5/100)}}}
{{{highlight(I=7.88)}}}
The balance at the beginning of the new billing period is the ending balance plus the finance charge.
{{{B=B[e]+I}}}
{{{highlight(B=533.07)}}}
Most credit cards companies use a daily balancing method, which allows them to collect interest on the higher balance until your payment is made. 
Some even charge you interest for the billing period even if you pay the entire balance. 
Remember to read the fine print.