Question 15 • FowU - Financial Math - B
With the previous balance method, the finance charge is based only on the balance at the start of the billing cycle; purchases and payments made during March do not change the amount used. The monthly rate is 16.60% ÷ 12 = 1.3833%. Thus, $1,794.30 × 0.013833 ≈ $24.82, so the March finance charge is choice D, $24.82.
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