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Sandra has a balance of 2,745 on her credit card. If the card has an annual rate of 25.49% how much is the finance charge for this month?

Sandra has a balance of 2,745 on her credit card. If the card has an annual rate of 25.49% how much is the finance charge for this month?
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Sandra has a balance of 2,745 on her credit card. If the card has an annual rate of 25.49% how much is the finance charge for this month?

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User Himangshuj
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1 Answer

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The finance charge would be the interest
I = Prt (I = interest, P= Principal, r = rate, t = time)
I = (2745)(25.49/100)(1/12) 25.49% is the yearly charge - divide by 12 to get the monthly charge
I = $58.31
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User Oluremi
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