Solve the problem using the previous balance method. the account balance on april 1st is $60.15. on april 15th a payment of $51.00 is made. on april 25th a purchase of $91.27 is made. what is the finance charge if the annual rate is 18%? what is the new account balance? finance charge = $ new balance = $

Annual Percent Rate (APR) = 18%

Rate during the current billing cycle = 18/12 = 1.5%

Balance at the beginning of the billing cycle = 60.15

Payment   51.00

Balance                                                                 10.15

Purchase 91.27        

Balance                                                                - 81.12

Finance Charge 60.15 * 0.015 =                             0.90

New Balance                                                       - 82.02

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