Mike has a revolving credit account that has a monthly percentage rate of 0.37% on the unpaid balance. His unpaid balance for the July billing cycle is $3051.05. During the billing cycle, Mike purchased a stove for $214.77 and various tools for $232.80. Mike made a payment of $138.64. Find the new balance if the account uses the unpaid balance method. Round your solution to the nearest penny.
+131 I was understanding the general grasp of the question then it said round to the nearest penny. I thought I was dealing with dollars. Mind blown
Mike has a revolving credit account that has a monthly percentage rate of 0.37% on the unpaid balance. His unpaid balance for the July billing cycle is $3051.05. During the billing cycle, Mike purchased a stove for $214.77 and various tools for $232.80. Mike made a payment of $138.64. Find the new balance if the account uses the unpaid balance method. Round your solution to the nearest penny.
3051.05 + 214.77 + 232.80 - 138.64=3,359.98 Balance for "August" cycle.
3,359.98 X .37/100 =12.43 interest on unpaid balance
3,359.98 + 12.43 =$3,372.41 Principal and interest balance for August cycle.
