How to Calculate Finance Charges by Previous Balance

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Part of the video series: How to Operate an Accounting Calculator

Summary: Learn how to calculate finance charges using the previous balance with expert math tips in this free online accounting video clip.

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By Joseph Salazar
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Joseph Salazar has been performing magic for almost his entire life. He became interested as a child after watching a movie about Harry Houdini, and began practicing card tricks as...read more

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"Hi I'm Joe Salazar with Expert Village. I'm going to show you to calculate finance charges on the accounting calculator. Finance charges calculated by the previous balance method. If the previous balance is 5,000 and the interest is 21%, this is the amount of interest that we would have owed. Let's put that in the memory. If the current balance is 6,000, we recall what's in the memory or put this in the memory with it. Then recall the memory and the result is on the screen and on the tape."

eHow Article: How to Calculate Finance Charges by Previous Balance