1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Sati [7]
1 year ago
13

The balance on a credit card, that charges a 15.5%APR interest rate, over a 1 month period is given inthe following table:Days 1

-5: $200 (initial balance)Days 6-20: $350 ($150 purchase)Days 21-30: $150 ($200 payment)What is the finance charge, on the average dailybalance, for this card over this 1 month period?finance charge = $ [?]Round to the nearest hundredth.Enter

Mathematics
1 answer:
Karo-lina-s [1.5K]1 year ago
5 0

First step is to get the average daily balance.

Take the sum of each day's balances.

If a payment has been made, the sign will be negative.

From Days 1 - 5 :

Day 1 = $200

Day 2 = $200

...

Day 5 = $200

That's $200 x 5 days = $1000

From Days 6 - 20 :

Day 6 = $350

Day 7 = $350

...

Days 20 = $350

That's $350 x 15 days = $5250

From Days 21 - 30 :

Day 21 = $150

Day 22 = $150

...

Day 30 = $150

That's $150 x 10 days = $1500

A total of :

$1000 + $5250 + $1500 = $7750

Now divide this total to the number of days to get the ADB or Average Daily Balance.

\text{ADB}=\frac{7750}{30}=258.33

Next Step is to calculate for the finance charge using the formula :

\text{Charge}=\text{ADB}\times r\times d

where ADB is the average daily balance

r is the interest rate per day

d is the number of days or period given

From the problem, APR is 15.5%, it means that we need to divide the APR by 365 days.

So r = 0.155/365 = 0.000425

And we have d = 30 days

The charge will be :

Charge = 258.33 x 0.000425 x 30 = $3.29

The answer is $3.29

You might be interested in
All numbers that are evenly divisible by both 6 and 14 are also divisible by which of the following numbers?
Alborosie
Its not C

suck it 

balbalbalbalbalbal


















6 0
3 years ago
Which equation matches the graph?
DIA [1.3K]

Answer:

y=3x-2

Step-by-step explanation:

8 0
3 years ago
Read 2 more answers
Simplify (w/6)^-2<br><br> A.w^2/36<br><br> B.1/36w^2<br><br> C.36/w^2<br><br> D.36w^2
serious [3.7K]
The awenser is a             dfrdhfd dhgdfhujgdf  djfhdug

6 0
3 years ago
Angle B measures 60° What is the measure of the angle that is complem<br>30<br>60<br>120<br>180​
Liula [17]

Angle B = 60°

The complement of angle B is 90 - x.

60° + (90 - x)° = 180°

Can you take it from here?

6 0
3 years ago
Read 2 more answers
What are some equivalent expressions of 0.003 x 0.00009
QveST [7]

Answer:

3x0.9, 30x9, 3/1000 times 9/10000

Step-by-step explanation:

Multiply each factor by multiples of ten.

6 0
3 years ago
Other questions:
  • Savannah is 24 years older than Ryan, while Sebastian is 5 times as old as Ryan. If Savannah and Sebastian are twins, which equa
    8·1 answer
  • 3. What is the value of x​
    10·2 answers
  • I need help with this one question please hope me! It is an inequality on both sides (solve and graph): -4(2-5)&gt;(-3)2 [as in
    7·1 answer
  • Use Euler’s formula to answer question.
    8·1 answer
  • Factor by grouping and find the zeros<br> x^3 - 10x^2 + 25x - 250 = 0
    13·1 answer
  • TPPC 22345 is a non-real time plan. What does non-real time mean?
    6·1 answer
  • Which relation is a function? Group of answer choices (2, 7), (6, 5), (4, 4), (3, 3), (2, 1) (9, −3), (9, 3), (4, −2), (4, 2), (
    12·1 answer
  • B4.1a) The diagram shows a triangle.
    5·1 answer
  • A large fish tank at an aquarium needs to be emptied so that it can be cleaned. When its
    7·1 answer
  • In a certain state's lottery, 40 balls numbered 1 through 40 are placed in a machine and 7 of them are drawn at random. If the 7
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!