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 purchases totaling $123.42 and he made a payment of $100.00 the store uses the unpaid balance method. According to this info what must be the amount of the finance charge ? answer needs to be rounded to the nearest cent

  1. 👍
  2. 👎
  3. 👁
  1. The unpaid balance of the previous bill was $323.78. 15% annual interest on that amount results in a current-month finance charge of $4.05.

    1. 👍
    2. 👎
  2. thanks for the help I am still not quite sure the choices I have to pick from are

    $5.30 $6.36

    $5.59 $ 6.71

    The previous blance $323.78 15% annual interest finance charge would be $4.05

    need to round answer to the nearest cent

    1. 👍
    2. 👎

Respond to this Question

First Name

Your Response

Similar Questions

  1. math

    Find the monthly interest payment in the situation described below. Assume that the monthly interest rate is 1 divided by 1/12 of the annual interest rate. You maintain an average balance of ​$780 on your credit​ card, which

  2. math

    Mr. Flores opened an account with a deposit of $5,000 The account earned annual simple interest. He did not make any additional deposits or withdrawals. At the end of 4 years, the balance of the account was $6,500. What is the

  3. Statistics

    A major department store chain is interested in estimating the average amount its credit card customers spent on their first visit to the chain's new store in the mall. Fifteen credit card accounts were randomly sampled and

  4. finance

    14. Assume Julian has a choice between two deposit accounts. Account A has an annual percentage rate of 7.55 percent but with interest compounded monthly. Account B has an annual percentage rate of 7.45 percent with interest

  1. consumer math

    1. Which of the following is an advantage of using credit cards? (Points : 1) Credit card accounts charge monthly interest. It is very easy to charge more than you can pay off each month. If you pay late, you will be charged a

  2. Finance

    Rick has a credit card that charges 19% interest compounded monthly. What is the true annual rate of interest for Rick's credit card?

  3. com156

    courses per year the total comes to $8,760. With this information financial aid does not begin to cover my tuition for a year. The only other option I have is to apply for a student loan, scholarship, or a credit card. There’s a

  4. consumer math

    You owe $1,350.00 on a credit card with a 14.25% APR. You pay $300.00 at the beginning of the month. How much interest do you save by paying at the beginning of the month versus at the end of the month? second part: Imagine you

  1. Social studies

    1. If a consumer makes monthly payments of $250 to pay off a car loan, what type of credit is she using? (1 point) non­revolving •• revolving short term unsecured 2. Caitlin wants to buy an airline ticket, but she’s

  2. Math

    Kimberly has a revolving credit account at an annual percentage rate of 15%. Her previous monthly balance is $784.19. Find the new balance if Kimberly's account showed the following activity. (Use the unpaid balance method)

  3. Math

    Interest is a concept familiar to most people: every credit card in existence has a term called annual percentage rate (APR), which is an interest rate. Suppose you charged $1,000 to a credit card that has a minimum payment each

  4. Intermediate Algebra

    Suppose you have a credit card debt of $6000. Last month, the bank charged you $85 interest on the deb. The solution to the equation is 85=6000/12 r represents the annual interest rate on the credit card. Find the annual interest

You can view more similar questions or ask a new question.