What is the monthly finance charge if the average daily balance is $20, the daily periodic rate is 0.04%, and the number of days

Question

Olenka [21]

3 years ago

5

What is the monthly finance charge if the average daily balance is $20, the daily periodic rate is 0.04%, and the number of days

in the cycle is 30?. A. 12¢. B. 24¢. C. 60¢

Mathematics

2 answers:

weeeeeb [17] · Answer 1 · 2022-05-11T17:12:12+03:00

weeeeeb [17]3 years ago

3 0

Given:
average daily balance: $20
daily periodic rate: 0.04%
number of days in the cycle = 30 days

0.04% ÷ 100% = 0.0004
0.0004 x 20 = 0.008 daily finance charge
0.008 x 30 = 0.24 monthly finance charge

0.24 or <span>B. 24¢</span>

Arada [10] · Answer 2 · 2022-05-11T19:24:07+03:00

Arada [10]3 years ago

3 0

Answer:

the answer would be b 24

Step-by-step explanation: