Everett has a credit card that uses the adjusted balance method. For the first 10 days of one of his 30-day billing cycles, his balance was $3100. He then made a payment of $1900, so his balance decreased to $1200, and it remained that amount for the next 10 days, Everett then made a new purchase for $700. His balance for the last 10 days of the billing cycle was $1900. If his credit card's APR is 34% how much was Everett charged in interest for the billing cycle?

Answer:APR = Annual percentage Rate , which is the amount charged when you take loan from any institutionStarting Balance of 30 - Day billing Cycle = $ 3100Payment made = $ 1900Remaining Balance = $ 3100 - $ 1900                = $ 1200Purchase Made  = $ 700New Balance = $ 1200 + $ 700                       = $ 1900Credit Card APR = 34% yearly= [tex]\frac{34}{12}[/tex]%Interest charged for billing cycle = Remaining Balance in the account on last  day ×Credit card APR=   1900 [tex]\times\frac{34}{1200}[/tex]  =  19 × 2.8334(approx)= $ 53.8346 (approx)= $54  →→[Interest for billing cycle]