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¢
2 answers:
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>
Answer:
the answer would be b 24
Step-by-step explanation:
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