Answer:
Find my detailed explanations and computations below
Explanation:
In essence, based on the unpaid balance of $6982.25 with a monthly interest rate of 1.55%, the finance charge on the unpaid balance can be determined as the unpaid balance multiplied by the monthly interest rate as shown
The finance charge for the month=unpaid balance*monthly interest
The finance charge for the month=$6982.25*1.55%
The finance charge for the month=$108.22
The balance owed altogether is the unpaid balance plus the finance charge on the unpaid balance
Total balance unpaid=$6982.25+$108.22
Total balance unpaid=$7,090.47
