Marlene has a credit card that uses the adjusted balance method. For the first 10 days of one of her 30-day billing cycles, her
2 answers:
Solution:
Starting balance of Marlene for first 10 days of her 30 days billing cycle
= $ 570
Purchase made = $ 120
Total Balance after purchase made = $ 570 + $ 120 = $ 690
Payment made = $ 250
Balance for last 10 days = $ 690 - $ 250 = $ 440
Credit Card APR = 15% Annually
Credit Card APR = = 1.25% monthly
Amount charged as an interest for billing cycle = 440
=
= $ 5.50 ( Amount charged)
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