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