The balance on a credit card, that charges a 12% APR interest rate, over a 1 month period is given in the following table:
Days 1-3: $200 (initial balance)
Days 4-20: $300 ($100 purchase)
Days 21-30: $150 ($150 payment)
What is the finance charge, on the average daily balance, for this card over this 1 month period?
Finance charge = $?
round to the nearest hundredth

Question

06-12-2021
Business

Answered

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The balance on a credit card, that charges a 12% APR interest rate, over a 1 month period is given in the following table:
Days 1-3: $200 (initial balance)
Days 4-20: $300 ($100 purchase)
Days 21-30: $150 ($150 payment)
What is the finance charge, on the average daily balance, for this card over this 1 month period?
Finance charge = $?
round to the nearest hundredth

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