Question

Use the unpaid balance method to find the finance charge on the credit card account for November (that will appear on

December bill). The balance at the beginning of the month is 380$. The annual interest rate is 22%. The billing date is
December 1st. The transactions on the account for the month are given below.
November 1
November 8
November 10
November 13
November 22
November 28
Finance charge for November
Charged $53
$24 return
Charged $305 (airplane tickets)
Charged $219 (shopping)
Payment $700
The finance charge added to November bill: $
The balance at the end of November: $
The finance charge for November (added to December bill): $
(Round the answers to nearest cent.)

Answer 1

The finance charge added to the November bill: ≈$9.71 (rounded to the nearest cent).

The balance at the end of November: 151 (last day's balance).

The finance charge for November (added to the December bill): ≈$9.71

Explanation: