Answered

IDNLearn.com: Your reliable source for finding expert answers. Our experts provide accurate and detailed responses to help you navigate any topic or issue with confidence.

The account balance on april 1st is $50.51. on april 15th a payment of $15.00 is made. on april 25th a purchase of $19.27 is made. the annual rate is 18%. what is the finance charge using the previous balance method? $ what is the new balance? $

Sagot :

The finance charge will be $ 0.76. Then the new balance will be $ 55.54.

What is a finance charge?

Finance costs are paid to the provider in exchange for supplying cash or granting the loan.

The account balance on April 1st is $50.51.

On April 15th payment of $15.00 is made.

On April 25th a purchase of $19.27 is made.

The annual rate is 18%.

Then the finance charge will be

⇒ $ 50.51 x 0.18 / 12

⇒ $ 0.76

Then the new balance will be

New balance = $ 50.51 - $ 15 + $ 19.27 + $ 0.76

New balance = $ 55.54

More about the finance charge link is given below.

https://brainly.com/question/2588555

#SPJ1

We are happy to have you as part of our community. Keep asking, answering, and sharing your insights. Together, we can create a valuable knowledge resource. Your questions find answers at IDNLearn.com. Thanks for visiting, and come back for more accurate and reliable solutions.