Use the unpaid balance method to find the finance charge on the credit card account. Last? month's balance, the? payment, the annual interest? rate, and any other transactions are given.
Last? month's balance, ?$410
?Payment, ?$260
Interest? rate, 18.1?%
Bought plane? ticket, ?$100
Bought? luggage, ?$120
Paid hotel? bill, ?$185
The finance charge is ?$
?(Round to the nearest cent as? needed.)
Last Month Balance | $ 410.00 | |||
Payment | $ 260.00 | |||
Interest Rate | 18.10% | Yearly | ||
Purchases | ||||
Bought Plain Ticket | $ 100.00 | |||
Bought Luggage | $ 120.00 | |||
Paid Hotel Bill | $ 185.00 | |||
Total Purchases | $ 405.00 | |||
Finance Charge on last month balance | ||||
Finance Charge ($410*18.10%*1/12) | $ 6.18 | |||
Finance Charge of this month | ||||
Previous month balance | $ 410.00 | |||
Add:Finance charge | $ 6.18 | |||
Add:Purchases | $ 405.00 | |||
Less: Payments | $ 260.00 | |||
Balance | $ 561.18 | |||
Finance Charge ($561.18*18.10*1/12) | $ 8.46 | |||
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