Question 6 of 10 Melody has a credit card that uses the previous balance method The opening balance of one of her 30-day billing cycles was 0 but this was her balance for only the first 15 days of the billing cycle. She then made a purchase that increased her balance to 4800 and her balance stayed this amount for the remainder of the billing cycle. If her credit card's APR is 29% how much was Melody charged in interest for the billing cycle? A. 57.21 B. 114.41 C. 0 D. 139.20

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Question 6 of 10 Melody has a credit card that uses the previous balance method The opening balance of one of her 30-day billing cycles was 0 but this was her balance for only the first 15 days of the billing cycle. She then made a purchase that increased her balance to 4800 and her balance stayed this amount for the remainder of the billing cycle. If her credit card's APR is 29% how much was Melody charged in interest for the billing cycle? A. 57.21 B. 114.41 C. 0 D. 139.20

Answer 1

To solve this problem, we need to calculate the interest charged on Melody's credit card balance using the previous balance method.Given information:- The opening balance of the billing cycle was

4800 for the remaining 15 days of the billing cycle.- The credit card's APR is 29%.Step 1: Calculate the daily interest rate.Daily interest rate = APR / 365Daily interest rate = 29% / 365 = 0.0795% per dayStep 2: Calculate the interest charged for the 15 days.Interest charged = Previous balance × Daily interest rate × Number of daysInterest charged =

0Therefore, the correct answer is C. $0.

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