Bal. = 423.78 + 123.42 - 100 = 447.20
Int. = 447.20 *(0.15/12) * 1 = $5.59
Nick has a revolving department store credit card account with an annual percentage rate of 15%. Last month’s balance on the account was $423.78. During the current month, he made pur- chases 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?
A. $5.30
B. $5.59
C. $6.36
D. $6.71
1 answer