Answered

Discover the answers to your questions at Westonci.ca, where experts share their knowledge and insights with you. Explore thousands of questions and answers from a knowledgeable community of experts ready to help you find solutions. Get detailed and accurate answers to your questions from a dedicated community of experts on our Q&A platform.

Saundra's credit card has an APR of 18%, calculated on the previous monthly balance. Her credit card record for the last 7 months is shown in the table below.

| End of Month | Previous Balance | New Charges | Payment Received | Finance Charges | Principal Paid | New Balance |
|--------------|------------------|-------------|------------------|-----------------|----------------|-------------|
| 1 | [tex]$0.00 | $[/tex]102.00 | [tex]$0.00 | $[/tex]0.00 | [tex]$0.00 | $[/tex]102.00 |
| 2 | [tex]$102.00 | $[/tex]212.00 | [tex]$76.00 | $[/tex]1.53 | [tex]$74.47 | $[/tex]239.53 |
| 3 | [tex]$239.53 | $[/tex]88.00 | [tex]$44.99 | $[/tex]3.59 | [tex]$41.40 | $[/tex]286.13 |
| 4 | [tex]$286.13 | $[/tex]26.00 | [tex]$28.57 | $[/tex]4.29 | [tex]$24.28 | $[/tex]287.85 |
| 5 | [tex]$287.85 | $[/tex]73.00 | [tex]$111.85 | $[/tex]4.32 | [tex]$107.53 | $[/tex]253.32 |
| 6 | [tex]$253.32 | $[/tex]60.00 | [tex]$49.94 | $[/tex]3.80 | [tex]$46.14 | $[/tex]267.18 |
| 7 | [tex]$267.18 | $[/tex]229.00 | [tex]$255.54 | $[/tex]4.01 | [tex]$251.53 | $[/tex]244.65 |

On what amount of money will Saundra be charged interest for month 8?

A. [tex]$229.00
B. $[/tex]255.54
C. [tex]$267.18
D. $[/tex]244.65

Sagot :

GinnyAnswer
To determine the amount on which Saundra will be charged interest for month 8, we need to look at her previous balance for month 7. The interest is calculated based on the previous month's balance.

From the given table, we can observe the following for month 7:
- The "Previous balance" for month 7 is \[tex]$267.18. Therefore, the amount on which Saundra will be charged interest for month 8 is: \[ \$[/tex]267.18
\]

Thus, the correct option is:
C. \$267.18
We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Your visit means a lot to us. Don't hesitate to return for more reliable answers to any questions you may have. Get the answers you need at Westonci.ca. Stay informed by returning for our latest expert advice.