Processing math: 100%

Unpaid Balance Calculator

Formula

The formula to calculate the unpaid balance is:

$\text{UB} = (\text{PB} \times \frac{\text{I}}{100}) + \text{PB} - \text{DP} + \text{AP}$

Where:

$\text{UB}$ is the unpaid balance ($)
$\text{PB}$ is the previous balance ($)
$\text{I}$ is the interest rate (%)
$\text{DP}$ is any down payments made on the balance over the last month ($)
$\text{AP}$ are additional purchases in the last month ($)

Example Calculation

Let's consider an example:

Previous Balance (PB): 1000 $
Interest Rate (I): 5 %
Down Payments (DP): 200 $
Additional Purchases (AP): 150 $

Using the formula to calculate the unpaid balance:

$\text{UB} = (1000 \times \frac{5}{100}) + 1000 - 200 + 150 = 50 + 1000 - 200 + 150 = 1000 $$

This demonstrates that with a previous balance of 1000 $, an interest rate of 5 %, down payments of 200 $, and additional purchases of 150 $, the unpaid balance is 1000 $. ✅