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Sagot :
To solve for the finance charges in month 2, we need to follow these steps:
1. Identify the previous balance for month 2:
The previous balance is \[tex]$45.00. 2. Identify the APR: The APR (Annual Percentage Rate) is 15%. 3. Convert APR to a monthly rate: Since APR is the annual percentage rate, we need to convert it to a monthly rate. The monthly rate is calculated as: \[\text{Monthly Rate} = \frac{APR}{12} = \frac{15\%}{12} = \frac{0.15}{12}\] 4. Calculate the finance charge: The monthly finance charge is calculated based on the previous balance and the monthly rate. This is given by: \[\text{Finance Charge} = \text{Previous Balance} \times \text{Monthly Rate}\] \[\text{Finance Charge} = \$[/tex]45.00 \times \left(\frac{0.15}{12}\right)\]
5. Compute the exact finance charge:
[tex]\[\text{Finance Charge} = \$45.00 \times 0.0125\][/tex]
[tex]\[\text{Finance Charge} = \$0.5625\][/tex]
Thus, the finance charges in month 2 are \$0.5625.
1. Identify the previous balance for month 2:
The previous balance is \[tex]$45.00. 2. Identify the APR: The APR (Annual Percentage Rate) is 15%. 3. Convert APR to a monthly rate: Since APR is the annual percentage rate, we need to convert it to a monthly rate. The monthly rate is calculated as: \[\text{Monthly Rate} = \frac{APR}{12} = \frac{15\%}{12} = \frac{0.15}{12}\] 4. Calculate the finance charge: The monthly finance charge is calculated based on the previous balance and the monthly rate. This is given by: \[\text{Finance Charge} = \text{Previous Balance} \times \text{Monthly Rate}\] \[\text{Finance Charge} = \$[/tex]45.00 \times \left(\frac{0.15}{12}\right)\]
5. Compute the exact finance charge:
[tex]\[\text{Finance Charge} = \$45.00 \times 0.0125\][/tex]
[tex]\[\text{Finance Charge} = \$0.5625\][/tex]
Thus, the finance charges in month 2 are \$0.5625.
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