Janelli has a credit card; she accepts an offer to enroll in a credit monitoring service and bills the service fee to her credit card. The credit card monitoring service costs $29.91 each month. Her
credit card carries charges 13.99% APR. Janelli has set up an automatic payment that covers the
required 7.18% minimum payment.
Min.
Starting
Finance New New
Minimum
Month
APR
Pmt.
balance
Charge Purchases balance payment
Percent
lo
$313.8
$29.91
13.99% 7.18%
1
2
What is the finance charge for the first month (Month O)? Round to the nearest cent.