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14 December, 06:02

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

Previous balance = $199.19

Annual rate = 14%

Finance charge = $

New purchases = $97.50

Payments/credits = $75.75

New balance = $

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Answers (1)
  1. 14 December, 06:07
    0
    Finance charge

    199.19 * (0.14:12) = 2.32

    New balance

    199.19-75.75+2.32+97.50=223.26
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