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.