Sharon has a balance of $3,825 on her credit card. If the card has an annual rate of 20.99% how much is the finance charge for this month? $802.87 $219.96 $66.96 $20.99

Question

02-03-2018
Mathematics

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Sharon has a balance of $3,825 on her credit card. If the card has an annual rate of 20.99% how much is the finance charge for this month? $802.87 $219.96 $66.96 $20.99

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jcherry99 jcherry99 · Answer 1 · 2018-03-02T09:53:15+01:00

jcherry99 jcherry99

02-03-2018

20.99%/12 = 1.7492% which is the monthly rate (or at least the way my credit card does it)

1.7492/100 * 3825 = 66.91
66.91 is just a rounding error. <<<=== answer.

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