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lukranit [14]
2 years ago
7

Elizabeth’s credit card computes her finance charges using the previous balance method and a 30-day billing cycle. the table bel

ow shows elizabeth’s credit card transactions in july. date amount ($) transaction 7/1 969.26 beginning balance 7/3 45.00 payment 7/10 67.48 purchase 7/12 20.00 payment 7/28 85.00 payment if elizabeth has an apr of 14.61%, how much will her july finance charge be? a. $9.97 b. $12.62 c. $11.80 d. $10.80
Mathematics
2 answers:
Sedbober [7]2 years ago
7 0

The $11.80 will be her July finance charge option (c) is correct.

It is given that Elizabeth’s credit card computes her finance charges using the previous balance method and a 30-day billing cycle.

It is required to find the July finance charge.

<h3>What is APR?</h3>

It is defined as the annual percentage rate that represents the yearly interest rate on the borrowing.

We have a principal amount = $969.26

APR = 14.61 %

Per month percent rate = \frac{14.61}{12} ⇒ 1.2175 %

We can calculate the finance charge from the given formula:

Finance charge = Principal value×rate×Time

= 969.29×1.2175%×1

= 969.29\times\frac{1.2175}{100}\times1

= $11.80

Thus, the $11.80 will be her July finance charge.

Learn more about the finance charge here:

brainly.com/question/2588555

Ira Lisetskai [31]2 years ago
7 0

Answer:

11.80

Step-by-step explanation:

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