Calvin's credit card computes finance charges using the daily balance method. His card has a billing cycle of 30 days and an APR of 14.75%. The following table details Calvin's transactions in the month of September. Date 9/1 Amount ($) Transaction 716.54 Beginning balance 84.94 Purchase 977 9/12 Purchase 15.69 200.00 9/20 Payment What will Calvin's starting balance be next month? a. $617.17 b. $624.74 c. $625.91 d. $623.52

The full name of APR is the annual percentage rate. It is defined as the percentage rate applied on the borrowing money in the form of interest, but APR has applied annually.

We have:

His card has a billing cycle of 30 days and an APR of 14.75%.

Here the list data is not mentioned, clearly. Transactions with the amount.

As we know, the APR is the annual percentage rate, which is 14.75%.

Monthly percentage rate = 14.75/12 = 1.22%

But we can calculate the new balance with the formula:

Previous Balance + Finance Charge + New Purchases - (Payments + Credits) = New Balance

Thus, the starting balance is $625.91 if the card has a billing cycle of 30 days and an APR of 14.75%. Option (C) is correct.

Learn more about the APR here:

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