To find the finance charge, we need to multiply the outstanding balance by the interest rate.
Finance charge = Outstanding balance x Interest rate
Finance charge = $498.16 x 0.015
Finance charge = $7.47
Therefore, the finance charge for the month is $7.47.
Eli has an outstanding balance of $498.16 on his bank credit
card. Find the finance charge for the month if it is calculated at
1.5%.
1 answer
1 answer