Suppose that on January 1, you have a credit card balance of $620.00$620.00. On January 10, you purchase an online music subscription for $20.00$20.00. On January 12, you return an item to TJ Maxx for a credit of $12.50$12.50. On January 22, you make a payment of $350.00$350.00. On January 25, you make a purchase at Frys of $104.00$104.00. The annual interest rate on your credit card is 30%30%.
Calculate the finance charge for January that will appear on the next month’s statement using the unpaid balance method. Round your answer to the nearest cent.
$
9
,
000.00
$9,000.00 grows to
$
15
,
035.00
$15,035.00 in
8
8 years. What is the annual interest rate, if interest is compounded quarterly? Enter your answer as a percentage, rounded to two decimal places.