Guys this might seem annoying because I just added a question few mins ago but I got home only about 5 to 10 mins ago and I have
to go to bed soon and I gotta finish my hw
Sorry, here is my question 20 points for it I’m kinda low on them too so small amounts of points, I’ll make up for it tomorrow thanks so much :’)
Sorry, here is my question 20 points for it I’m kinda low on them too so small amounts of points, I’ll make up for it tomorrow thanks so much :’)
2 answers:
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Answer:
correct option is d. $242.81
Step-by-step explanation:
given data
APR = 25.5% = = 2.125
paid = $3,729
solution
we get here finance charge on the 1st month by multiplying 3,729 and now adding it to existing balance
so we get finance charge for the second and third months similarly as
APR ÷ 100 = = 0.02125
so 1st
= $3,729 × 0.02125
= 79.25
and
$3,729 + $79.25 = $3808.24
so for next
= $3808.24 × 0.02125
= 80.93
and
$3808.24 + $80.93 = $3889.17
so for next
= $3889.17 × 0.02125
= 82.64
and
$3889.17 + $ 82.64 = $3971.81
so
finance charge = 3971.81 - 3729
finance charge = 242.81
so correct option is d. $242.81