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

Algebra ->  Distributive-associative-commutative-properties -> 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      Log On


   



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) About Me  (Show Source):
You can put this solution on YOUR website!


New balance: 690%2B160-70+=+780

Monthly interest rate: 0.21%2F12

Finance charge for the month: new balance times interest rate: 780%2A%280.21%2F12%29+=+13.65

The finance charge (to be added to the balance) is $13.65.