Using the unpaid balance method, find the current months finance charge on a credit card account having the following transactions.
Last month’s balance: $385
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)

Answers

Answer 1

Answer:

$5.02

Step-by-step explanation:

The unpaid balance method is a common method used by credit card companies to calculate finance charges. It determines the finance charge based on a portion of the previous balance you have not yet paid.

Equations to use:

[tex]\boxed{\begin{minipage}{9.7cm}\phantom{w}\\Periodic (monthly) rate = annual interest rate $\div$ 12\\\\Finance Charge = previous balance $\times$ periodic rate\\\\Unpaid Balance = previous balance + finance charge +\\\phantom{wwwwwwwwwww} new purchases - returns - payments\\\end{minipage}}[/tex]

The 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:

[tex]\text{Periodic Rate}=\dfrac{21\%}{12}=1.75\%=0.0175[/tex]

The unpaid balance is "last month's balance", which is $385.

Calculate the finance change by multiplying the previous balance (last month's balance) by the periodic rate:

[tex]\begin{aligned}\text{Finance change} &=\rm previous\; balance \times periodic\;rate \\&=\$385 \times 0.0175 \\&= \$6.7375\end{aligned}[/tex]

Calculate the unpaid balance by subtracting the returns and payments from the sum of the previous balance, finance charge and new purchases:

[tex]\begin{aligned}\rm Unpaid \; Balance &= \rm previous\; balance + finance\;charge +new \;purchases\\&\phantom{=w}\rm - returns - payments\\&= \$385 + \$6.7375 + \$303 - \$158 - \$250 \\&= \$286.7375\end{aligned}[/tex]

Finally, to calculate the current month's finance charge, multiply the unpaid balance by the periodic rate:

[tex]\begin{aligned}\text{Current month's finance charge}&=\rm unpaid \;balance\times periodic \;rate\\&=\$286.7375 \times 0.0175 \\&= \$5.02\; \text{(nearest cent)}\end{aligned}[/tex]

Therefore, the current month's finance charge is $5.02 to the nearest cent.


Related Questions

70 points!!!
Find the domain and range of the following relation also determine whether the relation is a function.

Answers

Domain:-

Venus,Mars, Jupiter,Saturn, Neptune,Pluto

Range:-

18,29,31,27

Yes it's a function as domains have unique range

Answer:

Domain = Planet

Range = number of solar congress reps

Function = YES (many-to-one)

Step-by-step explanation:

Domain : input values ⇒ planet

Range : output value ⇒ number of solar congress reps

Function : A function relates each element of a set with exactly one element of another set (possibly the same set).

One-to-many is not a function.

Many-to-one is a function.

From inspection, we can see that every element in the domain is related to exactly one element in the range.  Both Venus and Neptune are related to 18.  So this is a many-to-one function.

x + 7y = 21
x + 4y = 15
Solve the simultaneous equations

Answers

Answer:

x = 7, y = 2

Explanation:

equations given:

x + 7y = 21

x + 4y = 15

make "x" the subject:

x + 7y = 21

x = 21 - 7y .........equation 1

x + 4y = 15

x = 15 - 4y .......equation 2

Solving both the equations simultaneously:

15 - 4y = 21 - 7y

-4y + 7y = 21 - 15

3y = 6

y = 6 ÷ 3

y = 2

If y is 2

Then x = 21 -7y;

x = 21 - 7(2)

x = 21 - 14

x = 7

x + 7y= 21

7 goes to RHS = X+ y = 21/7-3

x + 4y = 15

4 goes to RHS= x+y = 15/4 = 3.75

Please help me And please dont say anything that does not relate to what I posted because people keep doing that to me and its annoying. THANK YOU!!

Answers

Answer:

The answer is in the picture :)

Step-by-step explanation:

geometrical prove that a + b x a minus b is equals to a square minus b square​

Answers

Step-by-step explanation:

a² + b²

difference of two square

= (a + b)(a - b)

Answer:

see explanation

Step-by-step explanation:

(a + b)(a - b)

each term in the second factor is multiplied by each term in the first factor, that is

a(a - b) + b(a - b) ← distribute parenthesis

= a² - ab + ab - b² ← collect like terms

= a² - b²

what is difactorization​

Answers

Answer:

do u mean factorization​?

if so, In math, factorization is when you break a number down into smaller numbers that, multiplied together, give you that original number. When you split a number into its factors or divisors, that's factorization. For example, factorization of the number 12 might look like 3 times 4.

Step-by-step explanation:

Hope this helps!

Answer:  it   an operation of resolving a quantity into factors; also : a product obtained by factorization

 

Step-by-step explanation:  hope i help

(3 3/4) divided by (-2 1/2) enter as a mixed number

Answers

Answer:

1 1/2

Step-by-step explanation:                                                                                    15x2/4x-5   =30/-20        =1 1/2                                                                                          First:

Convert any mixed numbers to fractions.

Then your initial equation becomes:                                                                                             Applying the fractions formula for division,                                                                Simplifying 30/-20,                                                                        

Hope this helps if not then ask

Bella has less than 240 minutes to spend assembling furniture each day. Today, she has spent 35.5 minutes assembling a chair. Now she will assemble x desks, each of which takes 45.5 minutes. What is the maximum number of desks that Bella can assemble?

Answers

Using an inequality, it is found that the maximum number of desks that Bella can assemble is of 4.

What is the inequality that represents the situation?

We consider that:

She has already spent 35.5 minutes assembling a chair.Then, she assembles x desks, each of which takes 45.5 minutes.She has less than 240 minutes to spend assembling furniture each day.

Hence:

[tex]35.5 + 45.5x < 240[/tex]

Then, solving the inequality:

[tex]x < \frac{240 - 35.5}{45.5}[/tex]

[tex]x < 4.49[/tex]

Considering the number of desks has to be an integer, maximum number of desks that Bella can assemble is of 4.

More can be learned about inequalities at https://brainly.com/question/25235995

Solve this inequality -m<-22

Answers

Answer:

M>22

Step-by-step explanation:

Answer:

[tex]\boxed{\sf{m > 22}}[/tex]

Step-by-step explanation:

To solve this problem, first, you have to isolate it on one side of the equation.

-m<-22

First, divide by -1 from both sides.

[tex]\Longrightarrow: \sf{\dfrac{-m}{-1} < \dfrac{-22}{-1} }[/tex]

Solve.

Divide the numbers from left to right.

⇒ -22/-1=22

[tex]\Longrightarrow: \boxed{\sf{m > 22}}[/tex]

Therefore, the final answer is m>22.

I hope this helps you! Let me know if my answer is wrong or not.

The figure above shows that the shaded triangular region with a hypotenuse of 5 cm has been removed from a rectangular tile with dimensions x cm by y cm. Of the following which best approximates the area in square cm of the tile before the piece was removed

Answers

Check the picture below.

Mind you that we have four 30-60-90 triangles.

The area of given rectangle before the piece was removed is 65 cm² approximately.

What is area of rectangle?

The area of a rectangle (A) is the product of its length 'a' and width or breadth 'b'. So, Area of Rectangle = (a × b) square units.

In Δ DEF,

∠EDF + ∠DEF + ∠DFE = 180° (angle sum property)

30° + 90° + ∠DFE = 180°

∠DFE = 60°

[tex]cos F = \frac{EF}{FD}(\frac{base}{hypotenuse}\\ \\ cos(60) = \frac{5}{FD}\\ \\FD = 5 * 2= 10[/tex]

[tex]cos D = \frac{ED}{FD}(\frac{base}{hypotenuse}\\ \\ cos(30) = \frac{ED}{10}\\ \\ED = \frac{\sqrt{3} }{2} * 10= 5\sqrt{3}[/tex]

In Δ AED,

∠AED + ∠EAD + ∠EDA = 180° ( angle sum property)

∠AED + 90° + 30°= 180°

∠AED = 60°

[tex]sinE = \frac{AD}{DE} (\frac{perpendicular}{hypotenuse}\\ \\sin(60) = \frac{AD}{5\sqrt{3} } \\\\AD= \frac{\sqrt{3} }{2}*5\sqrt{3} \\\\AD = 7.5[/tex]

In Δ DFC,

∠FDC + ∠DCF + ∠DFC = 180° (angle sum property)

30° + 90° + ∠DFC = 180°

∠DFC = 60°

[tex]sinF = \frac{DC}{DF} \\\\sin(60) = \frac{DC}{10}\\ \\\frac{\sqrt{3} }{2} *10 = DC\\\\DC = 5\sqrt{3}[/tex]

Area of rectangle = length * breadth = xy = AD * DC = [tex]7.5 * 5\sqrt{3} = 64.95[/tex]

Learn more about area of rectangle here

https://brainly.com/question/20693059

#SPJ3

major has 25 free minutes left until he needs to head to tennis practice he already spent four of the minute playing a video game what is the maximum number of minutes he can spend doing homework be for he needs to leave for practice

one step inequality word problems ​

Answers

Answer:

ok so he has 25 minutes in total and then we need to subtract the time hes alredy used so

25-4=21

so he has 21 minutes to do homework

Hope This Helps!!!

What is the opposite of the opposite of 945?

Answers

Answer:

945.

Step-by-step explanation:

The opposite of 945 is -945.

the opposite of -945 is 945.

The opposite of the opposite of 945 is 945.

I need the answer ASAP

Answers

scale factor = 1.25

30 : 24 = 1.25

or

35 : 28 = 1.25

The scale factor of this parallelogram is 5/4

In this question, we need to find the scale factor;

What is Scale Factor?

This is a factor to which a certain unit is multiplied or divided by. In this question, we have to find the scale factor first in order to know the missing side of the parallelogram.

Scale Factor

[tex]\frac{30}{24} = \frac{5}{4}[/tex]

We have check for one side, let us find the other side and compare

[tex]\frac{35}{28}=\frac{5}{4}[/tex]

The scale factor of this parallelogram is 5/4

Learn more about scale factor here;

https://brainly.com/question/10253650

a) When x = 6, what is the value of 4x?
10
A
12
B
24
С
46
D
None of these
E
m의
b) When x = 6, what is the value of 5x + x?
36
A
56
B.
62
С
566
D
None of these
E
c) When x = 6, what is the value of x??
3
A
6
B
12
С
36
D
None of these
E

Answers

Answer:

a-24, b-36, c-36

Step-by-step explanation:

a) 4(6)=24

b) 5(6)+6=36

c) (6)^2=36

Answer:

a) c -24

b) a - 36

c) d - 36

Step-by-step explanation:

a) When x = 6, what is the value of 4x?

4x

4(6) = 24

b) When x = 6, what is the value of 5x + x

5x + x

5(6) + 6

30 + 6

36

c) When x = 6, what is the value of x^2?

x^2

6^2

36

Hope this helps!

What is the regular price for a bicycle is $210.19. The sale price is $43.48 less than the regular price. What is the sale price and show how do you know.

Answers

Answer:

$166.71

Step-by-step explanation:

210.19 - 43.48 = 166.71

PLEASE HELP MEEEEEEEEEE

Answers

Answer:

Step-by-step explanation:

1 pound of potato salad costs 2.96

0.75 pounds of potato salad costs x

1/0.75 = 2.96/x            Cross multiply

x = 0.75 * 2.96

x = 2.22  

0.75 pounds of potato salad costs 2.22 dollars.

Each marble bag sold by Carmen's Marble Company contains 3 red marbles for every 2 purple marbles. If a bag has 12 purple marbles, how many red marbles does it contain?​

Answers

Answer:

18

Step-by-step explanation:

What is the slope of the line graphed below?

Answers

Answer:

B. 1/5

Step-by-step explanation:

Start at point (1,-2)

Then, go right 1 and up 5 to reach point (2,3)

The answer is 5
Remember slope is rise/run which is 5/1

two friends share this block of chesse equally what fraction dose each child get

Answers

Answer:

1/2  in fraction each kid will get 0.50 in decimal and 50% in percent

Step-by-step explanation:

2+134 add both numbers and type it in the box when u get the answer

Answers

The answer is :
136

Explanation:
134
+ 2
= 136

Find the x - and y -intercepts of the graph of the linear equation 3x+6y=24 .

The x -intercept is
.

The y -intercept is
.

Answers

Given :-

A linear equation in two variables , 3x + 6y = 24 .

To Find :-

The x and y intercept of the graph .

Solution :-

Given equation is ,

[tex] 3x + 6y = 24 [/tex]

To find the y intercept set x = 0 , we have ,

[tex] 3(0) +6y = 24 [/tex]

Simplify ,

[tex] 6y = 24[/tex]

Divide both sides by 6 ,

[tex] y = 4 [/tex]

Hence the y intercept is 4 .

[tex]\rule{200}2[/tex]

Now again to find x intercept , set y = 0

[tex] 3x +6(0)= 24[/tex]

Simplify ,

[tex] 3x = 24 [/tex]

Divide both sides by 3 ,

[tex] x = 8 [/tex]

Hence the x intercept is 8 .


Would adding these matrices give a meaningful result in this situation? Why or Why not?
Would subtracting these matrices give a meaningful result in this situation? Why or Why not?

Answers

Yes, adding the matrices would give a meaningful result as it provides a measure of the total number of nutrient and calorie intake throughout the day.

Yes, subtracting the matrix from each other gives a measure of the surplus or deficit of nutrients and calorie intake between any pair of meals.

Matrix addition and Subtraction

A matrix can only be added to (or subtracted from) another matrix if the two matrices are of the same dimensions .

Hence, it follows that to add or subtract two matrices, just add or subtract the corresponding entries, and place this sum or difference in the corresponding position in the matrix which results accordingly.

Read more on matrix addition and subtraction;

https://brainly.com/question/18291235

pls help this is on prodigy
no link

Answers

Total cards signed:-

[tex]\\ \tt\longmapsto \dfrac{1}{4}+\dfrac{3}{5}[/tex]

[tex]\\ \tt\longmapsto \dfrac{5+12}{20}=\dfrac{17}{20}[/tex]

Cards left:-

[tex]\\ \tt\longmapsto 80-17/20(80)=80-68=12[/tex]

Your Assignment
Is x = 6 a solution to the equation 5(x - 3) = x + 13?

Simplify both sides.

Answers

Answer: It is not the solution, the solution for side one is 15, and the solution for side 2 is 18.

define the concept function and give conditions which make relation a function?​

Answers

Answer:

A function is a relation which describes that there should be only one output for each input (or) we can say that a special kind of relation (a set of ordered pairs), which follows a rule i.e., every X-value should be associated with only one y-value is called a function.

Step-by-step explanation:

PLEASE HELP ME AND PLEASE DON'T PUT A COMMENT THAT DOESNT RELATE TO MY QUESTION BECAUSE IM RUNNING OUT OF POINT PEOPLE. THANK U SO MUCH I VERY MUCH APPRECIATE IT.

Answers

Answer:

Step-by-step explanation:

part a is -6

part b is -7.5

Answer:

Step-by-step explanation:


Part A:

warmer than => -

=> 7-13=-6


Part B:

Hours between 11 pm and 5 pm = 6.

6*(-1,25)=-7,5

plssss ill give anything. 2 x 3[7 + (6/2)]=

Answers

Please give Brainliest!

Answer:

60

Step-by-step explanation:

Get that A.

Solve for x.
A 12
B 1
C 3
D 5

Answers

Answer:

Ans=B.1

Step-by-step explanation:

hope this helps

Find the maturity value of a $473 note issued on October 4 at 8.5% for 190 days.

Answers

The maturity value on the bond is equal to $493.93

Data;

Face value = $473time = 190 daysrate = 8.5%

Maturity Value

This is calculated as the sum of face value and interest.

[tex]M.V = F.V + I[/tex]

Let's solve for the interest on the bond

[tex]I = PRT\\I = 473 * 0.085 * 190/365\\I = 20.93[/tex]

Let's add this up and solve

[tex]M.V = 473 + 20.93\\M.V = 493.93[/tex]

The maturity value on the bond is equal to $493.93

Learn more on maturity value of a bond here;

https://brainly.com/question/2132909

Find the difference.
(9ab-5a+4) - (9ab-2)

Answers

Answer:

-5

Step-by-step explanation:

Answer:

−5a+6

Step-by-step explanation:

hope this is right

zack has a bag containing 15 squares 4 circles 6 triangles and 6 hexagons. If he randomly choose one piece from the bag, what is the probability that he will grab a square or circle?

Answers

Answer:

19/31

Step-by-step explanation:

since there are 15 squares and 4 circles, both is 19

and since the total pieces 31

so the probability that he will grab a square or circle is 19/31

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