Using the previous balance method,if you paid your credit card off five days late and your balance was $5000,with interest 20% calculated daily,you would owe $15.16 in interest.

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Using the previous balance method, interest is calculated based on the balance at the beginning of the billing cycle, not on daily balances or late payments. The calculation provided seems to reflect a daily interest calculation rather than the previous balance method.

Using the Previous Balance Method,if You Paid Your Credit Card