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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 Card Was 2.5% Per Month On The Unpaid Balance, Find The Finance Charge And?

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Oddman Profile
Oddman answered
The interest on the unpaid balance is 2.5%*$1854.50 = $46.36.

Phil's payment didn't cover the finance charge, so his balance in January will be $1855.86. ($1.36 more than it was in December. Phil had better get out from under this debt as soon as he can.)

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