document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=1194973>Question 1194973</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Suppose we have a credit card company that sets the due date every 1st month. If its annual interest rate is 24%, what will be the finance charge (interest) and outstanding balance on Dec 01?\r<BR>\n" );
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document.write( "The ADB in this credit card for the November billing period is PhP 14,422.07.\r<BR>\n" );
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document.write( "So the finance charge for this billing period would be:\r<BR>\n" );
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document.write( "Monthly Interest = ADB x Monthly Rate\r<BR>\n" );
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document.write( "= 14,422.07 (0.02)\r<BR>\n" );
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document.write( "= 288.44\r<BR>\n" );
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document.write( "So the outstanding balance (OS) for the next billing period is\r<BR>\n" );
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document.write( "OS = Last Daily Balance + Finance Charge\r<BR>\n" );
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document.write( "= 1,607.80 + 288.44\r<BR>\n" );
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document.write( "= 1,896.24\r<BR>\n" );
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document.write( "important question: On the same credit card, for December, the customer plans<BR>\n" );
document.write( "to purchase on Dec 05 an item worth PHP 15,000 and make periodic<BR>\n" );
document.write( "payments of PhP 4,000 every Monday thereafter. What will be the O/S<BR>\n" );
document.write( "Balance on January 01, 2021? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #827297 by </B><A HREF=/tutors/aboutme.mpl?userid=ikleyn><B>ikleyn(52781)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=ikleyn><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=ikleyn><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=827297\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> .\r<BR>\n" );
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document.write( "Regarding the last, second problem of your post, I just answered it yesterday under this link\r<BR>\n" );
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document.write( "https://www.algebra.com/algebra/homework/Finance/Finance.faq.question.1194971.html\r<BR>\n" );
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document.write( " </SPAN>\n" );
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