Ask Question
4 May, 02:31

Calculate the finance charge and new balance using the previous balance method. Previous balance = $199.19 Annual rate = 14%

+2
Answers (1)
  1. 4 May, 05:51
    0
    Finance charge = $2.32

    new balance = $201.51

    Step-by-step explanation:

    Finance charge = Previous balance*Periodic percentage rate

    The previous balance is 199.19

    The annual percentage rate is 0.14. Therefore, the periodic percentage rate is; (0.14/12)

    Finance charge = 199.19 * (0.14/12)

    = 2.3239 = $2.32

    new balance = previous balance + finance charge

    = 199.19 + 2.32

    = $201.51
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Calculate the finance charge and new balance using the previous balance method. Previous balance = $199.19 Annual rate = 14% ...” in 📙 Mathematics if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers