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    Phil had an unpaid balance of $1,854.50...!!!

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    Phil had an unpaid balance of $1,854.50 on his credit card statement at the beginning of December. He made a payment of $45.00 during the month. If the interest rate on Phil's credit card was 2.5% per month on the unpaid balance, find the finance charge and the new balance on January 1.

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    Phil had an unpaid balance of ...

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    The solution contains detailed step-by step-answer on how to calculate the finance charge, including the new balance.