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Raymond always pays for gas at the pump with his credit card. His card has an APR of 23.99% and he must pay at least 7% of the balance at the end of each month. If his carry-over balance for gasoline is $106.65, what would his finance charge be at the end of the month?

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sqdancefan

Answer:

  $2.13

Step-by-step explanation:

The finance charge is the product of monthly rate and carry-over balance:

  (23.99%/12) × $106.65 = $2.13

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