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(solution) Abby has a credit card which uses the adjusted balance method to


Abby has a credit card which uses the adjusted balance method to compute finace charges. Her card has an APR of 11.83% and she is on a 30 day billing cycle. The table below shows her transactions in the month of January.

DateAmounts ($)Transaction
1/1$722.1oBeginning Balance
1/6$18.12Purchase
1/7$65.00Payment
1/14$18.00Purchase
1/20$44.79Purchase
1/23$34.24Purchase
1/27$40.00Payment
What will Abby's finace charge be?
A.) $6.08
B.) $7.12
C.) $7.22
D.) $8.25

 


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