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Luba:
Melissa owns a credit card with a 8.9% APR that calculates interest using the ADB excluding new purchases method. The balance after her last billing cycle was $550. What was her finance charge for this credit card last month? Please show your math. Hint: Put your decimal point in the right place. If it’s 0.015555557, then you would multiply by 0.016, and if it’s 0.65555556 then you would multiply by 0.66. The answer to this problem is $4.07. Please show how to calculate this interest.
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