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

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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) About Me  (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
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(1+r)B = A
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Cheers,
Stan H.
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