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Find the monthly finance charge (interest payment) in the situation described. You maintain an average balance of $2125 on your credit card, which carries a 24% annual interest rate.
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Find the monthly finance charge (interest payment) in the situation described. You maintain an average balance of $2125 on your credit card, which carries a 24% annual interest rate.

User Kolyn
by
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1 Answer

4 votes

Answer:

30

days

The finance charge for a billing cycle is $41.92.

The new opening balance in the following billing cycle is $2,166.92.

THE MONTHLY CHARGE IS 41.92

Step-by-step explanation:

User Usman Imtiaz
by
7.4k points
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