Last payment: $250

Annual interest rate: 21%

Purchases: $303

Returns: $158

(It would be great if you could tell me how to use the formula I=Prt where previous months balance + finance charge + purchases made - returns - payments)

Another questions on Mathematics

- Which is a characteristic of a step-up transformer...

3 - Which is the independent clause? when it rains or dry water holes fill up...

1 - How to find slope and y-intercept with (7,9)(45,99)...

2 - Scientists have changed the DNA of a type of cabbage so that it contains a tiny...

2 - The average rate of change between two coordinate is 2/5.what are the possible coordinates...

2 - Describe the reaction you have to the works of shakespeare’s...

1 - I did these two questions and failed and the teacher didn t help me figure out what...

2 - What happened when muhammad was approximately 40 years old? a he informed others...

2 - Camren designed an experiment to determine which type of soil absoros the most water....

3 - What do u do when a guy likes u tho you ve only known him for 5 mins?...

2

ghadeeraljelawy14.02.2022 06:50$4.94

Step-by-step explanation:

Equations to use:

Unpaid balance = previous balance - (payments & credits) Finance charge = unpaid balance x periodic rate New balance = unpaid balance + finance charge + new purchasesThe periodic rate is the interest rate charged over a certain number of time periods. The interest on a credit card is usually calculated monthly, so if the annual interest rate is 21% then the periodic (monthly) rate is:

21 ÷ 12 = 1.75%

Convert the periodic rate from percent into decimal by dividing the percent value by 100: periodic rate = 1.75/100 = 0.0175

Unpaid balance = previous balance - (payments & credits)

⇒ Unpaid balance = 385 - 250 = 135

Finance change = unpaid balance x periodic rate

⇒ Finance change = 135 x 0.0175 = 2.3625

New balance = unpaid balance + finance charge + new purchases

⇒ New balance = 135 + 2.3625 + (303 - 158) = 282.3525

Therefore, the following month's finance charge on the new balance (assuming no payments are made) = 282.3525 x 0.0175 = 4.94