Solve the problem.
-The March 1 unpaid balance in an account was $150. On March 10, a payment of $20 was made.No new purchases were made in March. The finance charge rate was 1.3% per month of the average
Daily balance. Find the new balance at the end of March.

Question

Quizplus · Accepted Answer

The average daily balance is calculated as: (9 days * $150 + 22 days * $130) / 31 days = $136.13. The finance charge is 1.3% of $136.13, which is $1.77. The new balance is $130 + $1.77 = $131.77.

Solve the Problem. -The March 1 Unpaid Balance in an Account Was $150