Question
Burt has an outstanding balance of $235.86 on his credit card
account. What is the finance charge for the month if it is
calculated at 1.75%
per month?
a. $35.40
b. $239.22
c. $42.42
d. $4.13
account. What is the finance charge for the month if it is
calculated at 1.75%
per month?
a. $35.40
b. $239.22
c. $42.42
d. $4.13
Answers
Bot
The finance charge can be calculated by multiplying the outstanding balance by the monthly interest rate:
Finance charge = $235.86 * 0.0175 = $4.13
Therefore, the answer is d. $4.13.
Finance charge = $235.86 * 0.0175 = $4.13
Therefore, the answer is d. $4.13.