omar tariq has a credit card that uses the unpaid balance method to compute the finance charge. His monthly periodic rate is 2.4% during his billing cycle he charged a total of of 256.28 and made payments totaling $350. If he has a finance charge of 18.28, find his (a) unpaid balance (b) previous balance and (c) his new balance

(a) unpaid balance = $667.95

(b) Previous balance = $761.67

(c) his new balance = $683.98

Step-by-step explanation:

In the question, we are given the following:

Monthly periodic rate = 2.4%, or 0.024

Curren charges = $256.28

Total payment made = $350

Finance charge = $18.28

Therefore, we now proceed as follows:

(a) unpaid balance

This can be calculated as follows:

Unpaid balance = Previous balance + Current charges - Total payment made (1)

Note that from part (b), Previous balance is equal to $761.67.

Substituting this and other values from the question into equation (1), we have:

Unpaid balance = $761.67 + $256.28 - $350 = $667.95

(b) Previous balance

This can be calculated as follows:

Previous balance = Finance charges / Monthly periodic rate = $18.28 / 2.4% = $18.28 / 0.024 = $761.67

(c) his new balance

This can be calculated as follows:

New balance = Unpaid balance * (1 + Monthly periodic rate) = $667.95 * (1 + 2.4%) = $667.95 * (1 + 0.024) = $667.95 * 1.024 = $683.98

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step-by-step explanation: