Aaron had an unpaid balance of $1,177.79 on his credit card statement at the beginning of April. He made a payment of $430.00 during the month, and made purchases of $366.02. If the interest rate on Aaron's credit card was 4.5% per month on the unpaid balance, find his finance charge and the new balance on May 1.

Question

Aaron had an unpaid balance of $1,177.79 on his credit card statement at the beginning of April. He made a payment of $430.00 during the month, and made purchases of $366.02. If the interest rate on Aaron's credit card was 4.5% per month on the unpaid balance, find his finance charge and the new balance on May 1. 
 
      Finance charge = $52.21; new balance = $1,166.02
      Finance charge = $56.11; new balance = $1,169.92
      Finance charge = $53.00; new balance = $1,166.81
      Finance charge = $55.32; new balance = $1,169.13