Finance

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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.

  • Finance -

    Current Bal. = 423.78 + 123.42 = 100 =
    $447.20.

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

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