Question

Francis has a credit card that uses the previous balance method. The opening balance of one of his 30-day billing cycles was $0, but this was his balance for only the first 15 days of the billing cycle. He then made a purchase that increased his balance to $3600, and his balance stayed this amount for the remainder of the billing cycle. If his credit card's APR is 21%, how much was Francis charged in interest for the billing cycle?

Answer 1

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