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24 September, 14:58

Sandra has a balance of 2,745 on her credit card. If the card has an annual rate of 25.49% how much is the finance charge for this month?

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  1. 24 September, 15:01
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    The finance charge would be the interest

    I = Prt (I = interest, P = Principal, r = rate, t = time)

    I = (2745) (25.49/100) (1/12) 25.49% is the yearly charge - divide by 12 to get the monthly charge

    I = $58.31
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