Register
Calculate the monthly finance charge based on the following data: Average daily balance = $40.00 Daily periodic rate = 0.06% (state as a decimal) Days in cycle = 25
212k views
1 vote
Calculate the monthly finance charge based on the following data: Average daily balance = $40.00 Daily periodic rate = 0.06% (state as a decimal) Days in cycle = 25

User Mwangi
by
7.7k points

2 Answers

5 votes

Answer: 60 cents


Explanation:


User VingInMedina
by
8.1k points
5 votes
The monthly finance charge would be $0.60.

This is calculated by multiplying the daily balance by the daily rate (as a decimal) and then multiplying by the number of days in the billing cycle.

0.06%=0.06/100 = 0.0006

40(0.0006)(25) = 0.6 or $0.60.
User Stfvns
by
7.8k points
← Prev Question Next Question →

Related questions

Ask a Question
Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

9.5m questions

12.2m answers

Other Questions

What is .725 as a fraction
A bathtub is being filled with water. After 3 minutes 4/5 of the tub is full. Assuming the rate is constant, how much longer will it take to fill the tub?
i have a field 60m long and 110 wide going to be paved i ordered 660000000cm cubed of cement  how thick must the cement be to cover field
Write words to match the expression. 24- ( 6+3)
A dealer sells a certain type of chair and a table for $40. He also sells the same sort of table and a desk for $83 or a chair and a desk for $77. Find the price of a chair, table, and of a desk.
Link Copied!