SOLUTION: TI's visa company charges 0.6 finance charge each month on any unpaid balance. how much was ti's balance for june if he was charged a 8.40 finance charge? is this the right formula

Question 1077300: TI's visa company charges 0.6 finance charge each month on any unpaid balance. how much was ti's balance for june if he was charged a 8.40 finance charge? is this the right formula, (1+r)B=A?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
TI's visa company charges 0.6 finance charge each month on any unpaid balance. how much was ti's balance for june if he was charged a 8.40 finance charge? is this the right formula, (1+r)B=A?
B + 0.6B = A
(1+0.6)B = A
-------
(1+r)B = A
------------
Cheers,
Stan H.
-------------
RELATED QUESTIONS
I posted this question twice earlier with no response. Would appreciate your help.... (answered by Theo,MathTherapy)

Antonio’s bank charges an $8 service fee each month if his account goes below $500. In... (answered by CubeyThePenguin)

Arnold Brown has a Visa Card with an annual percentage rate of 19.2%. The unpaid balance... (answered by Theo)

last month visa credit card charged $42.65 in interest (finance charges) on a balance of... (answered by rfer)

Frank's credit card statement shows a balance of $638.19 on the first day of the billing (answered by Fombitz)

John Paul owed a credit card company $490. He paid $50 one month and did not charge any... (answered by ewatrrr)

Hello! I'm a little stumped on this problem! Any help is greatly appreciated! Thank you... (answered by Theo)

hello, I need some help in this problem, may you please help? This is my... (answered by KMST)