Question: 3. Using the previous balance method, compute the monthly rate and finance charge. Previous Balance: $430.50 APR: 18% Monthly Rate: __ Finance Charge: 4.

3. Using the previous balance method, compute the monthly rate and finance charge.

Previous Balance: $430.50

APR: 18%

Monthly Rate: ________________

Finance Charge: ______________

4. Compute the average daily balance and finance charge. As of April 1, the credit card balance shows a previous balance of $905.05. A payment of $100 was made on April 10. A purchase of $75 was made on April 15. Finance charges are computed at 3% per month. This balance was in effect through the billing date, May 1.

Average daily balance: ______________________ Finance charge: ____________________________

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Question: 3. Using the previous balance method, compute the monthly rate and finance charge. Previous Balance: $430.50 APR: 18% Monthly Rate: ________________ Finance Charge: ______________ 4.

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Students Have Also Explored These Related Finance Questions!

Question: 3. Using the previous balance method, compute the monthly rate and finance charge. Previous Balance: $430.50 APR: 18% Monthly Rate: __ Finance Charge: 4.