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Name: Section 10, Credit Cards 1. With a beginning balance of $1200 and no additional charges during the next three months, y
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Answer #1

Detailed working is attached below

2 alternatives are given for question 1 due to confusion regarding whether to consider 820 as opening balance or 1200.

Answers are rounded off to nearerest 2 digits

Thanks

) Calculation of finance charges minimum payments attestatives Opening balance = $800 / $1200 (Alta). _The question je confusQ Picao. Chagoe $67.3) b) Decrease in Starling balance - $820 - ( $9/2.8 - $24.38)] | $31.58 A Hernative - Opening balance =Finance charges - $98.5.. Decrease in starling balance - $46.35 [ $1200 - $1153.65] & Assump Credit card payment Assumption:Month Cassy oues finance New balance charge pur New min bal Pay fra - DouB axl.seas) BB Date E-DX3% O o 100 100 3 100X 32.] 1

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