8
QuizMultiple Choice

Finance Charges

Question 8 • Financial Math B (MA402) '25

Michael has a credit card with an APR of 15.33%. It computes finance charges using the daily balance method and a 30-day billing cycle. On April 1st, Michael had a balance of $822.05. Sometime in April, he made a purchase of $77.19. This was the only purchase he made on this card in April, and he made no payments. If Michael’s finance charge for April was $10.71, on which day did he make the purchase?a.April 5thb.April 10thc.April 15thd.April 20th

Answer
A
A
B
B
C
C
D
D
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Michael has a credit card with an APR of 15.33%…