Chloe has a $2,500 credit limit on her credit card and has charged $1,295.19 to her account. There is a 1.5% finance charge on the $1,295.19. How much must Chloe pay to clear her account?
1295.19 * 1.015 = ?
1,314.62
To find out how much Chloe must pay to clear her account, we need to calculate the finance charge and then add it to the amount she charged.
The finance charge is calculated by multiplying the amount charged by the finance charge rate of 1.5%:
Finance charge = $1,295.19 * 1.5% = $19.43
Next, we need to add the finance charge to the amount charged to get the total amount Chloe has to pay:
Total amount to pay = $1,295.19 + $19.43 = $1,314.62
Therefore, Chloe must pay $1,314.62 to clear her account.