Find the new balance, assuming that the bank charges 12% per month on the unpaid balance. Previous Balance New Purchases $300 $80 Payment $20 STEP 1: Find the unpaid balance after the payment is made on the previous balance. $ 270 X STEP 2: Calculate the amount of charge incurred by the unpaid balance. $ 4.05 X STEP 3: Find the new balance. $ 354.05 X

Find the new balance, assuming that the bank charges 12% per month on the unpaid balance. Previous Balance New Purchases $300 $80 Payment $20 STEP 1: Find the unpaid balance after the payment is made on the previous balance. $ 270 X STEP 2: Calculate the amount of charge incurred by the unpaid balance. $ 4.05 X STEP 3: Find the new balance. $ 354.05 X

Advanced Engineering Mathematics

10th Edition

ISBN:9780470458365

Author:Erwin Kreyszig

Publisher:Erwin Kreyszig

Chapter2: Second-order Linear Odes

Section: Chapter Questions

Problem 1RQ

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Question

Find the new balance, assuming that the bank charges 1% per month on the unpaid balance.
2
Previous
Balance
$300
Payment
$20
New
Purchases
$80
STEP 1: Find the unpaid balance after the payment is made on the previous balance.
$ 270
X
STEP 2: Calculate the amount of charge incurred by the unpaid balance.
$4.05
STEP 3: Find the new balance.
$ 354.05

Expert Solution

Step 1

Given:

Previous Balance $= $ 300$

Payment $= $ 20$

New Purchases $= $ 80$

Charge incurred by the bank on the unpaid balance $= 1 \frac{1}{2} %$

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