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27 August, 16:54

Gudenas Company makes a credit card sale to a customer for $500. The credit card sale has a grace period of 30 days and then an interest charge of 18% per year or 1.5% per month is added to the balance. If the unpaid balance on the above sale is $300 at the end of the grace period, the interest charge is?

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  1. 27 August, 20:42
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    The interest charge is $4.50

    Explanation:

    interest charged = 300*1.5%

    = $4.50

    Therefore, The interest charge is $4.50
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