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Solve the Problem The Interest Rate on the Card Is 1

Question 16

Multiple Choice

Solve the problem.
-On the March 7 billing date, Kara had a balance due of $320.03 on her credit card. The transactions During the following month were: March 12 Payment $180.35 March 15 Charge: pet supplies $271.08 March 23 Charge: sofa $822.72 April 2 Charge: gift $24.99\begin{array}{llcc} \text {March 12 Payment } &\$180.35\\ \text { March 15 Charge: pet supplies } &\$271.08\\ \text { March 23 Charge: sofa } &\$822.72\\ \text { April 2 Charge: gift } &\$24.99\\\end{array}

The interest rate on the card is 1.5% per month. Using the previous balance method, find the Finance charge on April 7.


A) $2.10
B) $18.88
C) $21.58
D) $4.80

Correct Answer:

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