8
QuizMultiple Choice

Topic Test

Question 8 • FowU - Financial Math - B

Roger has a credit card with an APR of 19.40% and a billing cycle of 30 days. The following table shows his transactions with that credit card in the month of June.DateAmount ($)Transaction6/1265.40Beginning balance6/690.00Payment6/1643.33Purchase6/2237.71PurchaseIf Roger’s finance charge for June is $3.56, which method of calculating the finance charge does Roger’s credit card company use?a.daily balance methodb.adjusted balance methodc.previous balance methodd.there is not enough information to determine which method was used

Answer
A
A
B
B
C
C
D
D
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