anks credit card statement shows a balance of $1057.90 on the first day of the billing cycle. if he makes a…

anks credit card statement shows a balance of $1057.90 on the first day of the billing cycle. if he makes a payment of $26.98 and charges $337.17 during this billing period, what will his finance charge be (the interest rate is 1.93% of the unpaid balance per month)? what will his beginning balance be at the start of the next billing cycle? round the answers to the nearest cent. part: 0 / 2 part 1 of 2 the finance charge is $ 16.75.

anks credit card statement shows a balance of $1057.90 on the first day of the billing cycle. if he makes a payment of $26.98 and charges $337.17 during this billing period, what will his finance charge be (the interest rate is 1.93% of the unpaid balance per month)? what will his beginning balance be at the start of the next billing cycle? round the answers to the nearest cent. part: 0 / 2 part 1 of 2 the finance charge is $ 16.75.

Answer

Explanation:

Step1: Calculate unpaid balance

Unpaid balance = Initial balance - Payment Unpaid balance = $1057.90 - 26.98=1030.92$

Step2: Calculate finance charge

Finance charge = Unpaid balance×Interest rate Finance charge = $1030.92\times0.0193\approx 19.80$

Step3: Calculate beginning balance for next cycle

Beginning balance = Unpaid balance+Charges+Finance charge Beginning balance = $1030.92 + 337.17+19.80=1387.89$

Answer:

The finance charge is $$19.80$. The beginning balance at the start of the next billing cycle is $$1387.89$.