"I have a credit card whose billing period begins on the 9th day of every month. On January 9th my balance was $853. I made the following charges: $95 on Jan 11, $235 on Jan 18, and $490 on Jan 30. I paid $500 on Jan 20. My card's interest rate is 19%. What will be the total balance on my Feb 9th statement?" What is the total interest for this billing period?
Added by Joiann K.
Step 1
Step 1: Calculate the total balance for each period: - Jan 9 to Jan 11: $853 * 3 days = $2559 - Jan 12 to Jan 18: $948 * 7 days = $6636 - Jan 19 to Jan 20: $1183 * 2 days = $2366 - Jan 21 to Jan 30: $683 * 10 days = $6830 - Jan 31 to Feb 8: $1173 * 9 days = $10557 Show more…
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I have a credit card whose billing period begins on the 9th day of every month. On January 9th my balance was $853. I made the following charges: $95 on Jan 11, $235 on Jan 18, and $490 on Jan 30. I paid $500 on Jan 20. My card's interest rate is 19%. What will be the total balance on my Feb 9th statement?"
Yuva S.
"I have a credit card whose billing period begins on the 9th day of every month. On January 9th my balance was $853. I made the following charges: $95 on Jan 11, $235 on Jan 18, and $490 on Jan 30. I paid $500 on Jan 20. My card's interest rate is 19%. What will be the total balance on my Feb 9th statement?"
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