Bryans credit card has an APR of 12% for purchases and 19% for cash advances. They use

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Bryan’s credit card has an APR of 12% for purchases and 19% for cash advances. They use a daily periodic rate for purchases and cash advances. There is a cash advance fee of 3%. In a 31 day billing cycle, Bryan’s purchase balance that is subject to finance charges is $286.26. In addition, he took an advance of $500 during the billing cycle and must pay finance charges on it for 15 days.

What are the periodic finance charges for the purchases?

Posted Date: Dec 04, 2021 07:50 AM

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Bryans credit card has an APR of 12% for purchases and 19% for cash advances. They use

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A periodio Finance charge is amount of interest ... View the full answer

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