22. Philip has an average daily balance on his credit

Mathematics

1 answer:

Eduardwww [97]3 years ago

7 0

Answer:

$0.81

Step-by-step explanation:

Given;

Philip's average balance = $107.50

Annual Charges rate = 8.99% = 0.0899

The annual Charges can be calculated as;

Annual Charges = Average balance × rate

Substituting the values;

Annual Charges = 107.50 × 0.0899 = $9.66

The monthly charges can be derived from the annual Charges by dividing by the number of months in a year.

Monthly Charges = Annual Charges ÷ 12 month per year

Monthly Charges = $9.66 ÷ 12 = $0.805

Monthly Charge = $0.81

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