Find the finance charge on the open-end charge account. Assume interest is calculated on the unpaid balance of the account.
-Unpaid Balance $\$ 611.60$ Monthly Interest Rate $1 \frac { 1 } { 2 } \%$

Question

Find the finance charge on the open-end charge account. Assume interest is calculated on the unpaid balance of the account.
-Unpaid Balance $\$ 611.60$ Monthly Interest Rate  $1 \frac { 1 } { 2 } \%$

Quizplus · Accepted Answer

The finance charge is calculated by multiplying the unpaid balance by the monthly interest rate. In this case, the unpaid balance is $611.60 and the monthly interest rate is 1.5%. Therefore, the finance charge is $611.60 x 0.015 = $9.17.

Find the Finance Charge on the Open-End Charge Account $611.60\$ 611.60$611.60

Find the Finance Charge on the Open-End Charge Account $\$ 611.60$