Answered

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The account balance on april 1st is $50.51. on april 15th a payment of $15.00 is made. on april 25th a purchase of $19.27 is made. the annual rate is 18%. what is the finance charge using the previous balance method? $ what is the new balance? $

Sagot :

The finance charge will be $ 0.76. Then the new balance will be $ 55.54.

What is a finance charge?

Finance costs are paid to the provider in exchange for supplying cash or granting the loan.

The account balance on April 1st is $50.51.

On April 15th payment of $15.00 is made.

On April 25th a purchase of $19.27 is made.

The annual rate is 18%.

Then the finance charge will be

⇒ $ 50.51 x 0.18 / 12

⇒ $ 0.76

Then the new balance will be

New balance = $ 50.51 - $ 15 + $ 19.27 + $ 0.76

New balance = $ 55.54

More about the finance charge link is given below.

https://brainly.com/question/2588555

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