"jerrod dean starts the month with a balance on his credit card of $1,000. on the 10th day of the month, he purchases $200 in cl

Question

2 years ago

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"jerrod dean starts the month with a balance on his credit card of $1,000. on the 10th day of the month, he purchases $200 in cl

othes with his credit card. on the 15th day of the month he makes a payment on his credit card of $500. the bank charges 1.5 percent interest per month using the adjusted balance method. what would jerrod's finance charges be for the month

Business

2 answers:

Basile [38] · Answer 1 · 2023-06-09T21:36:48+03:00

The charges would be $10.50 as of the 15th of that current month. Jerrod spent a total of $700. Adjusted Balance Method calculates costs based on the amounts owed/due at the end of the current time period & once any credits or payments have been applied. Multiplying what Jerrod has spent in total & the percentage of interest will give him the balance of interest charges that he can expect to see in addition to the $700 he's spent.
It's also safe to assume the payment on your bill is due on the 16th.

aleksklad [387] · Answer 2 · 2023-06-09T23:00:46+03:00

Answer:

The charge is going to be 7.5 Dollars

Explanation:

All right, first of all, he has the credit card under the adjusted balance method that charges him and interest for the money lent at the end of the month. In our case, he ended the month before with 1000 dollars so that is the amount of money that is going to be deducted the 500 dollars and the rest of it will be the cash subject to interest because that is the money with which he ended up last month. The next month will be charged the interest he ended with this month.