Solve the problem.
-On the April 2 billing date, Monica had a balance due of $1598.54 on her credit card. The Transactions during the following month were: $\begin{array}{ll}
\text { April } 4 \text { Charge: textbooks } &\$ 358.56 \
\text { April } 7 \text { Payment } & \$ 151.29 \
\text { April } 19 \text { Charge: gasoline } & \$ 24.04 \
\text { April } 21 \text { Charge: fertilizer } & \$ 31.24
\end{array}$

The interest rate on the card is 1.2% per month. Using the average daily balance method, find the Finance charge on May 2 (April has 30 days).
A) $20.85
B) $21.95
C) $21.96
D) $22.05

Question

Solve the problem.
-On the April 2 billing date, Monica had a balance due of $1598.54 on her credit card. The Transactions during the following month were: $\begin{array}{ll}
\text { April } 4  \text { Charge: textbooks } &\$ 358.56 \
\text { April } 7 \text { Payment } & \$ 151.29 \
\text { April } 19 \text { Charge: gasoline } & \$ 24.04 \
\text { April } 21 \text { Charge: fertilizer } & \$ 31.24
\end{array}$

The interest rate on the card is 1.2% per month. Using the average daily balance method, find the Finance charge on May 2 (April has 30 days).
A) $20.85
B) $21.95
C) $21.96
D) $22.05

Quizplus · Accepted Answer

The Answer of Solve the problem.
-On the April 2 billing date, Monica had a balance due of $1598.54 on her credit card. The Transactions during the following month were: $\begin{array}{ll}
\text { April } 4  \text { Charge: textbooks } &\$ 358.56 \
\text { April } 7 \text { Payment } & \$ 151.29 \
\text { April } 19 \text { Charge: gasoline } & \$ 24.04 \
\text { April } 21 \text { Charge: fertilizer } & \$ 31.24
\end{array}$

The interest rate on the card is 1.2% per month. Using the average daily balance method, find the Finance charge on May 2 (April has 30 days).
A) $20.85
B) $21.95
C) $21.96
D) $22.05

Solve the Problem The Interest Rate on the Card Is 1