Question

Lili opened a SkyMail credit card in January. She paid a membership fee of $45 and a balance transfer fee of $29 when she moved the balance of her old card to her new card. During the year, she paid these finance charges: January $2.68; February $7.28; June $9.22; Oct $3.98. What was the total cost of using credit for the year?

Answer 1

To find the total cost of using credit for the year, add up the finance charges and fees. The total cost is $97.16.

Step-by-step explanation:

To calculate the total cost of using credit for the year, we need to add up all the finance charges and fees that Lili paid. First, let's calculate the total finance charges by adding up the individual amounts: $2.68 + $7.28 + $9.22 + $3.98 = $23.16. Next, let's calculate the total fees by adding the membership fee and the balance transfer fee: $45 + $29 = $74. Finally, we can calculate the total cost by adding the finance charges and fees: $23.16 + $74 = $97.16.