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. Your friend has 2 credit cards with balances that he cannot afford to pay off all at once. A $500 balanceon a card with 15.99% APR and a $400 card with a 25.99% APR.2. Calculate the monthly finance charges for each credit card. (round to the hundredths place)

Respuesta :

[tex]Monthly\text{ }finance=principal*\frac{APR}{12}[/tex]

A $500 balance on a card with 15.99% (0.1599) APR:

[tex]\begin{gathered} Monthly\text{f}\imaginaryI nance=500*\frac{0.1599}{12} \\ \\ Monthly\text{f}\imaginaryI nance=6.66 \end{gathered}[/tex]

A $400 card with a 25.99% (0.2599)APR:

[tex]\begin{gathered} Monthly\text{f}\mathrm{i}nance=400*\frac{0.2599}{12} \\ \\ Monthly\text{f}\mathrm{i}nance=8.66 \end{gathered}[/tex]

Then, the monthly finance charge is: $6.66 for first credit card and $8.66 for second credit card

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