Question

Calvin’s credit card computes finance charges using the daily balance method. his card has a billing cycle of 30 days and an apr of 14.75%. the following table details calvin’s transactions in the month of september. date amount ($) transaction 9/1 716.54 beginning balance 9/7 84.94 purchase 9/12 15.69 purchase 9/20 200.00 payment what will calvin’s starting balance be next month? a. $617.17 b. $624.74 c. $625.91 d. $623.52

Answer 1

The amount of calvin’s starting balance for the next month will be C. $625.91.

How to calculate the amount?

From the information given, the monthly percentage rate will be:

= 14.75/12

= 1.22%

Therefore, the amount of calvin’s starting balance for the next month will be $625.91.

In conclusion, the correct option is C.

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