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.© BrainMass Inc. brainmass.com June 3, 2020, 10:45 pm ad1c9bdddf
Please find the solution properly described below.
Phil had an unpaid balance of ...
The solution contains detailed step-by step-answer on how to calculate the finance charge, including the new balance.