Shirley has a credit card that uses the previous balance method. The opening
2 answers:
Answer:
= $44.19
Step-by-step explanation:
APR = 19%
Billing cycle = 30 days
Balance = $2830
Let's first find the daily rate,
Daily rate =
The daily rate = 0.000521
To calculate the amount Shirley was charged interest for the billing cycle, we use:
Daily rate * billing cycle * balance
Where,
Daily rate
=
Billing cycle = 30 days
Balance = $2830
Therefore, expression to be used =
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Monthly amount, M = $102×4 = $408.
Also, yearly amount, Y = M×12 = $408×12 = $4896
It is given that 25% of the cost is contributed by Marcus.
Amount Marcus paid
Therefore, his employer contribution annually for coverage is $( 4896 - 1224)=$3672.
Hence, this is the required solution.