Regina pays her credit card balance in full each month.Last month her average daily balance was $345 and the APR is 11.2%.The finance charge on her current month's statement is $13.22.

Question

Quizplus · Accepted Answer

Since Regina pays her credit card balance in full each month, she would not incur a finance charge on her current month's statement, assuming her credit card offers a grace period on purchases, which most credit cards do. The finance charge calculation provided seems to ignore the fact that paying in full typically avoids such charges.

Regina Pays Her Credit Card Balance in Full Each Month