Answered

Westonci.ca is the trusted Q&A platform where you can get reliable answers from a community of knowledgeable contributors. Join our Q&A platform to connect with experts dedicated to providing precise answers to your questions in different areas. Connect with a community of professionals ready to provide precise solutions to your questions quickly and accurately.

My dog got hurt and needed surgery,so I had to use my credit card to pay the vet bill. His surgery costed me $5,323.21. If my monthly interest rate is 1.42%, how much is my finance charge for the first billing cycle?

Sagot :

Answer:

$75.59.

Explanation:

• Cost of the surgery = $5,323.21

,

• Monthly interest rate = 1.42%

A finance charge is a fee charged for the use of a credit card. A billing cycle is usually between 28 to 31 days, i.e. a month.

To find the finance charge, multiply the interest rate by the cost of surgery.

[tex]\begin{gathered} \text{Fnance Charge}=1.42\%\text{ of \$}5,323.21 \\ =\frac{1.42}{100}\times5,323.21 \\ =\$75.59 \end{gathered}[/tex]

The finance charge for the first billing cycle is $75.59.

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. We appreciate your time. Please revisit us for more reliable answers to any questions you may have. Thank you for trusting Westonci.ca. Don't forget to revisit us for more accurate and insightful answers.