Finance charge = $121.42; new balance = $1,690.92
Katie Had An Unpaid Balance Of $1,734.50 On Her Credit Card Statement At The Beginning Of January. She Made A Payment Of $165.00 During The Month. If The Interest Rate On Katie's Credit Card Was 7% Per Month On The Unpaid Balance, Can You Find The Finance Ch?
I took the test and the answers below are wrong. Correct answer is Finance charge = $121.42; new balance = $1,690.92
At the end of the month, her unpaid balance is
unpaid = $1734.50 - $165
= $1569.50
7% of $1569.50 = .07*$1569.5 = $109.87
Katie's finance charge will be $109.87, so her next bill will be for $1679.37.
unpaid = $1734.50 - $165
= $1569.50
7% of $1569.50 = .07*$1569.5 = $109.87
Katie's finance charge will be $109.87, so her next bill will be for $1679.37.
