Question

Cody Ray's credit card company uses the unpaid-balance method and charges a monthly periodic rate of
1.8%. His finance charge was $17.54, he made $376.90 in new charges and a $250 payment.

Answer 1

Based on Cody Ray's credit card details and the unpaid-balance method, Cody Ray's unpaid balance is $144.44 and his previous balance is $144.44. His new balance is $147.04

What are Cody Ray's balances?

His unpaid balance is:

= Purchases + Finance charge - (Payments + Credit)

= 376.90 + 17.54 - 250

= $144.44

Previous balance is the $17.54 finance charges.

New balance:

= Unpaid balance + Finance charge + New Purchases

= 144.44 + (144.44 x 1.8%)

= $147.04

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