SOLUTION: Hello I have a question about trying to find the finance charge. I could not figure out how to do it right. The previous statement for your credit card had a balance of $690. Y

Question 1139384: Hello I have a question about trying to find the finance charge. I could not figure out how to do it right.
The previous statement for your credit card had a balance of $690. You make purchases of $160 and make a payment of $70. The credit card has an APR of 21%. What is the finance charge for this month? (Round your answer to the nearest cent.)
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!

New balance:

Monthly interest rate:

Finance charge for the month: new balance times interest rate:

The finance charge (to be added to the balance) is $13.65.
RELATED QUESTIONS
Kathy Hansen has a revolving credit account. The finance charge is calculated on the... (answered by ikleyn)

I have to simplify the following expression. How do I do so? I've been trying to do this... (answered by solver91311)

I am trying to figure this out and I am struggling so someone please help me. Why is... (answered by Edwin McCravy)

I have a question about how to set-up a rational exponent equation. the equation is... (answered by checkley77)

Hello, I am trying to figure out how to find the answer to a problem in an Appendix... (answered by Theo)

Hello, I would really appreciate if someone could show me how to factor the following... (answered by Edwin McCravy,savvyhush23)

I cannot see the topics, sorry. In my problem you have to use A=pi r^2. Find the area... (answered by rfer)

I am trying to figure out how to calculate the interest refund if the finance charge is... (answered by Alan3354)

I am working on an assignment and can not figure out the following problems can you show... (answered by ankor@dixie-net.com)