Problema Solution
Find the unpaid balance at the end of the month for open-end charge account.
Month = March
Unpaid balance at beginning of Month = $846.70
Finance Charge = blank; I multiplied 846.70 x 1.3 = 11.00
Purchases = $178.40
Returns = $14.97
Payment = $105.00
Monthly interest rate is 1.3% on the unpaid balance.
My answer = $916.14
Answer provided by our tutors
846.70 + 178.40 - 14.97 - 105 = 905.13 x 0.013 = 11.76 + 916.90