Question

Calculate the monthly finance charge for the following credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to the nearest cent.)
$500 balance, 20% rate, $50 payment, previous balance method

Answer 1

i do not know the formula to solve this can someone help

Answer 2

can someone help

Answer 3

@lalaly, help her

Answer 4

PREVIOUS BALANCE METHOD:
P=500
r=0.2
t=1/12

I=Prt =500*0.2*1/12

Answer 5

thank you i couldnt figure out the method, i have several questions like these with no examples.

Answer 6

I will try to help u if i can
And ur welcome:)

@Hero I help when i want to!

Answer 7

Calculate the monthly finance charge for the following credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. Assume 365 days in a year. (Round your answer to the nearest cent.)
$3,000 balance, 21% rate, $1,500 payment, average daily balance method

Answer 8

Yes, like now. You helped because you wanted to.

Answer 9

would this be the same method

Answer 10

yeah stay out of it @Hero

Answer 11

@lalaly, you like being mean to me, don't you? :P

Answer 12

@Hero no i dont .. Im sorry

Answer 13

Thanks Shannon. So is the admjusted balance method 1500?

Answer 14

can anyone answer this? Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.)
$500 balance, 18%, $50 payment, previous balance method,adjusted balance method, average daily balance method