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sauhardarai:
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.
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SmokeyBrown:
Hi, and welcome to QuestionCove! I have to admit I'm not completely familiar with the structure of interest and payments described in the question. Based on the figures you are given, do you have any ideas of how to calculate the monthly payments, given the previous balance and the annual interest rate?
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