Question

A credit card company charges a customer 1.1% per month on the unpaid balance of charges on a credit card. What is the finance charge in a month in which the customer has an unpaid balance of $845.12?

$92.96

$9.30

$6.31

$0.77

Answer 1

1.1% converts to 0.011 after moving the decimal point 2 spots to the left

Multiply this with 845.12
845.12*0.011 = 9.29632

Round 9.29632 to the nearest penny to get 9.30

Answer: B) $9.30