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Raymond always pays for gas at the pump with his credit card. His card has an APR of 23.99% and he must pay at least 7% of the balance at the end of each month. If his carry-ove…

Raymond always pays for gas at the pump with his credit card. His card has an APR of 23.99% and he must pay at least 7% of the balance at the end of each month. If his carry-ove…
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Raymond always pays for gas at the pump with his credit card. His card has an APR of 23.99% and he must pay at least 7% of the balance at the end of each month. If his carry-over balance for gasoline is $106.65, what would his finance charge be at the end of the month?

User Prageeth Godage
by
8.0k points

1 Answer

4 votes

Answer:

$2.13

Explanation:

The finance charge is the product of monthly rate and carry-over balance:

(23.99%/12) × $106.65 = $2.13

User John Drinane
by
7.9k points
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