Question

nick has a revolving store credit card account an annual percentage rate of 15%.last months balance was 423.78.during the current month, he purchase totaling 123.42 and made a payment of 100.the store uses the unpaid balance method.what is the amount of the finance charge

Answer 1

BAL. = 423.78+123.42-100 = 447.20.

Int. = 447.20 * (0.15/12) = 5.59.

Answer 2

Liz has a revolving credit account at an annual percentage rate of 12%. Use the average daily balance method to find the new balance given the following statement of account.