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The monthly finance charge for a credit card is typically calculated using the average daily balance method or the adjusted balance method. In the average daily balance method, the issuer sums the daily balances throughout the billing cycle and divides by the number of days in the cycle, then multiplies by the monthly interest rate. The adjusted balance method, on the other hand, calculates the balance after payments and credits are applied, before applying the interest rate. The specific method used can vary by issuer and card agreement.

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1mo ago

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Calculate the finance charge on a credit card balance of 3299.19 at a monthly rate of 1.2.?

To calculate the finance charge, multiply the credit card balance by the monthly interest rate. For a balance of $3,299.19 at a monthly rate of 1.2% (0.012), the finance charge is: Finance Charge = $3,299.19 × 0.012 = $39.59. Therefore, the finance charge for that month is approximately $39.59.


What protects you when applying to receive credit?

Calculate the finance charge on a credit card balance of 3,299.19 at a monthly rate of 1.2%.


Protects you when applying to receive credit?

Calculate the finance charge on a credit card balance of 3,299.19 at a monthly rate of 1.2%.


Calculate the finance charge on a credit card balance of 3299.19 at a monthly rate of 1.2 percent?

$39.59


What is the finance charge on a credit card balance of 3299.19 at a monthly rate of 1.2?

$39.59


What is the finance charge on a credit card balance of 3299.19 at a monthly rate of 1.2 percent?

39.59


What should be the first step in calculating a monthly credit finance charge?

change the percent to a decimal


Monique's previous credit card balance is 199.26 and she has a monthly finance charge of 1.5 How much will the credit card company assess in finance charges on this balance?

$2.99


Does it affect your credit score if you repay your credit card dues much before your monthly statement is generated?

no, but your finance charge will be lower


What should be the first step in calculating a monthly credit card finance charge?

change the percent to a decimal


How is finance charge calculated?

Finance charges are applied to credit card balances that aren't paid before the grace period. Different credit cards calculate finance charges in different ways.


Leandre's previous credit card balance is 1299.32 What would her finance charge be if the monthly rate is 1.4 percent?

18.19