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# Business Math - 1 Find the finance charge on an unpaid...

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1. Find the finance charge on an unpaid balance of \$1923.81 in a revolving charge account if the monthly interest rate is 1.8%. The finance charge is = 34.63 The monthly interest rate is decimal form is 0.018 The interest rate is applied to the outstanding balance of the account. The outstanding balance is 1923.81 The amount of interest charged is 1923.81 x 0.018, or \$34.63, rounded to the nearest cent. 2. Find the finance charge on an unpaid balance of \$1471.43 in a revolving charge account if the monthly interest rate is 1 3/8 %. The finance charge is = \$20.23 When calculating with percent’s the decimal form should be used. The decimal form of the monthly interest rate is 0.01375. The amount of interest charge is 1471.43 x 0.01375 = \$20.23, rounded to the nearest cent. 3. Complete the table to determine the unpaid balances and the finance charges. The interest rate is 1.5% on the unpaid blance. Month Unpaid Finance Purchases Returns Payments Unpaid Balance Charge during Balance at Beginning Month End of Month Of Month Aug \$467.34 \$48.73 \$21.68 \$110 Sept \$253.83 \$72.12 \$185

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