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MM final first sem with AKS - Computes the finance charge...

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Computes the finance charge for a charge account/credit card by unpaid balance method and average daily balance method 1. Mimi has an unpaid balance of $148 on her department store credit card. If the periodic finance charge rate is 1.75%, compute the finance charge she will pay using the unpaid balance method. A. $3.56 B. $2.59 C. $1.78 D. $2.11 Answer: B 2. Tony has a bank charge card. For the billing period from September 1 st to September 15th, he owed $300 and from September 16th to September 30th, he owed $500. Using 1.45% periodic rate, find the finance charge he will pay using the average daily balance method for the month of September where no new purchases are included. Calculates the finance charge and monthly payment on an installment plan. MONTHLY PAYMENT ON A $100 LOAN TERM IN ANNUAL PERCENTAGE RATE MONTHS 10% 6 $17.16 12 8.79 18 6.01 24 4.61 30 3.78 36 3.23
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