Full amount of the new balance after the cycle closing date


Question: A department store has the following credit terms. The finance charge if any is based on the previous balance before payments or credits are deducted. the rates are 1.5%per month up to $1,000and 1.25%per month in excess of 1,000. There is no finance charge if the full amount of the new balance is paid within 30 days after the cycle closing date.

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Finance Basics: Full amount of the new balance after the cycle closing date
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