What is a monthly finance charge if the average daily balance is $30, the daily periodic rate is 0.07% and the number of days in
2 answers:
Answer:
The finance charge is:
Option: B
B. 63 cents.
Step-by-step explanation:
We are given:
Average daily balance = $30
The daily periodic rate = 0.07%
and Number of days in a cycle is 30.
We know that the formula for the finance charge is given as:
As we are given daily periodic rate this means that:
Hence, putting the value in the formula we have:
finance charge=$ 0.63
As we know that:
1 dollar=100 cents.
Hence, 0.63 dollars=63 cents
Hence, the finance charge is:
63 cents
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Step-by-step explanation:
