franks credit card statement shows a balance of $1122.00 on the first day of the billing cycle. if he makes…

franks credit card statement shows a balance of $1122.00 on the first day of the billing cycle. if he makes a payment of $472.96 and charges $359.35 during this billing period, what will his finance charge be (the interest rate is 1.39% 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 $

franks credit card statement shows a balance of $1122.00 on the first day of the billing cycle. if he makes a payment of $472.96 and charges $359.35 during this billing period, what will his finance charge be (the interest rate is 1.39% 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 $

Answer

Explanation:

Step1: Calculate unpaid balance

Unpaid balance = Initial balance - Payment Unpaid balance = $1122 - 472.96=$649.04$

Step2: Calculate finance charge

Finance charge = Unpaid balance × Interest rate Finance charge = $649.04\times0.0139=$9.021656\approx$9.02$

Answer:

$9.02$