Question

The unpaid balance of Dave's credit card is $295, and the finance charge is 4%; what is the new balance of the credit card including Dave's additional purchase of $75?
A) $382.80
B) $381.80
C) $ 306.80
D)$ 370
IS A?THANK YOU:)))

Answer 1

I got a different answer.

(295 * 1.04) + 75 = ?

Answer 2

Assuming finance is 4% per month (48% p.a., illegal in some provinces)
$295*4%+75
=$381.80

However, the calculation of interest charges on a credit card is not that simple. Usually when the client does not pay by the deadline, interest is calculated as of the purchase date, which can be anything from 1 to 3 weeks prior to the expiry date.

Answer 3

thank you :)))))