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Accounting

Problem:

Arnold Brown has a Visa Card with an annual rate of 19.2%. the unpaid balance for his June billing cycle is 1397.69. During the billing cycle he purchased a printer cartridge for $44.45, books for 293.14 and gasoline for 19.37. He made a payment of $1,100.

Requirement:

Question: If the account applies the unpaid balance, what is the finance charge and the new balance?

Note: Provide support for your rationale.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91170919

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