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The beginning balance of a credit card account is $500 the monthly interest rate is 0.012 if a payment of $100 is made on the last day of the month what is the ending balance?
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The beginning balance of a credit card account is $500 the monthly interest rate is 0.012 if a payment of $100 is made on the last day of the month what is the ending balance?

User Ravi Wallau
by
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1 Answer

5 votes
Hi there
Ending balance
Previous balance+finance charge-payment

Find the finance charge
500×0.012=6

Ending balance
500+6−100=406

Good luck!
User CCJ
by
8.6k points
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