The finance charge for the month can be calculated by multiplying the outstanding balance by the monthly interest rate:
Finance charge = $185.68 x 0.018 = $3.34
Therefore, the answer is (b) $3.34.
Brad has an outstanding balance of $185.68 on his credit card
account. What is the finance charge for the month if it is
calculated at 1.8%
per month.
a. $219.10
b. $3.34
c. $188.47
d. $33.42
1 answer
1 answer