Guadalupe’s credit card has an apr of 23%, calculated on the previous monthly balance, and a minimum payment of 2%, starting the month after the first purchase. her credit card record for the last 7 months is shown in the table below. how are finance charges calculated?

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Explanation:

This question doesn’t seem to be complete however I’ll try to answer it to the best of my knowledge.

APR refers to the Annual Percentage Rate. APR is applied on whatever money is borrowed from a Credit Card and then the monthly interest is calculated. Minimum Payment is the minimum amount that needs to be paid from the total amount outstanding in order to avoid penalty being charged on the sum borrowed.  

Let me show you an example to demonstrate the concept which will be applicable in almost every scenario:

Month  Sum Borrowed   Outstanding   Interest   Minimum Payment  

1  $3,000.00    

2  $4,500.00   $3,000.00   $57.50   $60.00  

3  $5,600.00   $4,500.00   $86.25   $90.00  

4  $8,000.00   $5,600.00   $107.33   $112.00  

5  $9,000.00   $8,000.00   $153.33   $160.00  

6  $1,000.00   $9,000.00   $172.50   $180.00  

7  $2,800.00   $1,000.00   $19.17   $20.00  

*Assume the Limit of Credit Card to be $ 10,000    

*Example of Interest Calculation in Month 2 - ($3000*0.23)/(12)    

*Example of Minimum Payment Calculation in Month 2 - ($3000*0.02)    

answer: b) the us is the leading importer but not the leading exporter.

extra info:

the u.s is the largest importer but it is not the largest exporter as china sits on the top of the table when it comes to leading exporters.

but u.s is not far from first,

they rank in 2nd globally as the worlds largest exporter.

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