Joel purchased an engagement ring with his credit card. His card has an APR of 13.99% and he must pay at least 3% o

Question

Joel purchased an engagement ring with his credit card. His card has an APR of

13.99% and he must pay at least 3% of the balance at the end of each month. If

his carry-over balance for this month is $9,026.74 and he has made no

additional purchases, what would Joel’s finance charge be at the end of the

month?

Round your answer to the nearest cent.

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Latifah 5 years 2021-08-12T21:24:09+00:00 1 Answers 48 views 0

Answers ( )

  1. Farah
    0
    2021-08-12T21:25:21+00:00
    Reply

    Answer:

    What is your definition of finance charge?

    the interest is $105.24

    3% of what he owes (the minimum) is $273.96

    Step-by-step explanation:

    $9,026.74

    +9,026.74 * (.1399/12) = $105.2367438

    ($9,026.74 + $105.24)*(.03) = $273.96

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