Homework Answers
Monthly Accrued Interest charges for November=Annual Interest Rate/12
=18/12=1.5%.
Next, divide this amount by 100 to convert percentage to decimal.For Eg: 1% becomes 0.01.
1.5/100=0.015.
Monthly Interest charge for the month of November of Noah=0.015
that means 1.5% becomes 0.015.
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2. Calculate interest in November
3. What was the unpaid balance for November after interest is
charged?
4. If Nancy's account instead used the unpaid balance method,
calculate the finance charge and the new balance for the month of
November.
5. The new balance for the month of November would be
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