Asked by Renee

Nick has a revolving department store credit card account 15%. Last month balance on the account was $423.78. During the current month, he made purchases totaling $123.42 and made a payment of $100. The store uses the unpaid balance method. According to this information, what must be the amount of the finance charge? Round to the nearest cent.

Answers

Answered by Henry
Current Bal. = 423.78 + 123.42 = 100 =
$447.20.

Fin. Charge=(0.15/12) * 447.20 = $5.59.
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