PLZ HELP 10 PIONTS Lucia’s credit card company calculates a finance charge based upon a periodic rate of 1.57% on all unpaid bal

Question

PLZ HELP 10 PIONTS

Lucia’s credit card company calculates a finance charge based upon a periodic rate of 1.57% on all unpaid balances. If Lucia has an unpaid balance of $125.89, determine the finance charge that she will be assessed.
Round your answer to two decimal places.

$127.46

$124.32

$197.65

$1.98

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Maya 4 weeks 2021-12-28T20:09:06+00:00 1 Answer 0 views 0

Answers ( )

    0
    2021-12-28T20:11:01+00:00

    Answer:

    The correct answer is:

    $1.98

    Step-by-step explanation:

    we are told that the finance charge is 1.57% on the unpaid balances. so it is calculated as follows:

    unpaid balance = $125.89

    finance charge = 1.57% of unpaid balance.

    note that 1.57% = 1.57/100 = 0.0157

    ∴ finance charge = 0.0157 × 125.89 = 1.976 = $1.98 ( to 2 decimal places).

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