Questions: Find the finance charge on an unpaid balance of 1999.40 in a revolving charge account if the monthly interest rate is 1.5%.

Find the finance charge on an unpaid balance of 1999.40 in a revolving charge account if the monthly interest rate is 1.5%.
Transcript text: Find the finance charge on an unpaid balance of $\$ 1999.40$ in a revolving charge account if the monthly interest rate is $1.5 \%$.
failed

Solution

failed
failed

Solution Steps

To find the finance charge on an unpaid balance, we need to calculate the interest on the balance using the given monthly interest rate. The finance charge can be found by multiplying the unpaid balance by the monthly interest rate (expressed as a decimal).

Step 1: Identify the Given Values

We are given an unpaid balance of \(\$1999.40\) and a monthly interest rate of \(1.5\%\).

Step 2: Convert the Interest Rate to Decimal

The monthly interest rate needs to be converted from a percentage to a decimal for calculation. This is done by dividing by 100: \[ \text{Monthly Interest Rate} = \frac{1.5}{100} = 0.015 \]

Step 3: Calculate the Finance Charge

The finance charge is calculated by multiplying the unpaid balance by the monthly interest rate: \[ \text{Finance Charge} = 1999.40 \times 0.015 = 29.991 \]

Final Answer

The finance charge on the unpaid balance is \(\boxed{29.991}\).

Was this solution helpful?
failed
Unhelpful
failed
Helpful

Questions asked by other users

failedAnswered
Identify the type I error and the type II error that corresponds to the given hypothesis. The proportion of people who write with their left hand is equal to 0.23 . Which of the following is a type I error? A. Reject the claim that the proportion of people who write with their left hand is 0.23 when the proportion is actually different from 0.23 . B. Fail to reject the claim that the proportion of people who write with their left hand is 0.23 when the proportion is actually different from 0.23 . C. Fail to reject the claim that the proportion of people who write with their left hand is 0.23 when the proportion is actually 0.23 . D. Reject the claim that the proportion of people who write with their left hand is 0.23 when the proportion is actually 0.23 .
failedAnswered
Sharon worked on a straight 12% commission. Her friend worked on a salary of 650 plus a 5% commission. In a particular month, they both sold 21,300 worth of merchandise. How much did her friend earn for the same month? Follow the problem-solving process and round your answer to the nearest cent, if necessary.
failedAnswered
Clasifica los sig sistemas dispersos en: disolución (ed) coloide (c) y suspension (s) 1 yema de huevo 2 Agua y sal 3 Refresco 4 leche 5 peptobismol 6 salsa de tomate 7 Agua de piña natural 8 penicilina 9 sangre 10 Nectar de manzana
failedAnswered
The OCR-processed text does not contain a recognizable question relevant to typical knowledge or information requests.
failedAnswered
The governing board that ensures rights and protection of human subjects involved in research, ensuring that the human subjects are protected from exploitation, harm, and so forth is the