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What is the monthly finance charge if the average daily balance is $15, the daily periodic rate is 0.06%, and the number of days in the cycle is 30?

Amanda Johnson

in Mathematics

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Kevin Sutter on January 2, 2018

Given that The average daily balance is $15 The daily periodic rate = 0.06% The number of days in the cycle of 30Find the monthly finance charge.Proof suppose that the monthly finance charge = xAs given in the questionThe average daily balance = $15 daily periodic rate = 0.06%, First convert 0.06% in decimal form= 0.0006 Journal of finance charge = 0.0006 × 15 = 0.009 number of days in the cycle of 30now monthly financial chargeThan the equation becomesx = 15 × 0.0006 x 30x = 0.009× 30 = $0.27, therefore the monthly finance charge is $0.27 so it turned out


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