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Sharon has a balance of $3,825 on her credit card. If the card has an annual rate of 20.99% how much is the finance charge for this month? $802.87 $219.96 $66.96 $20.99
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Sharon has a balance of $3,825 on her credit card. If the card has an annual rate of 20.99% how much is the finance charge for this month? $802.87 $219.96 $66.96 $20.99

User Karthik N G
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1 Answer

3 votes
20.99%/12 = 1.7492% which is the monthly rate (or at least the way my credit card does it)

1.7492/100 * 3825 = 66.91
66.91 is just a rounding error. <<<=== answer.
User Benjamints
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7.8k points
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