Question

Sandra Beal opened a new credit card in January. She paid a membership fee of $15\$ 15 and a balance transfer fee of 5%5 \% when she moved $823.46\$ 823.46 from her old card to her new card. During the year, she paid these finance charges: February $3.56\$ 3.56; May, $5.82\$ 5.82; July, $4.92; and September$2.18\$2.18. What was the total annual cost of the card to Sandra?

Solution

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5%×$823.46=0.05×$823.46=$41.175\% \times \$823.46=0.05\times \$823.46=\$41.17

The transfer fee is the product of the transfer fee rate and the amount of transfer.

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