Melissa's average daily balance for the last month was $560. The finance charge was $8.12. What was the monthly percentage rate? Round to the nearest hundredth of a percent.

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Hardy Mathew asked Sep 14, 2023

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Melissa's average daily balance for the last month was $560. The finance charge was $8.12.

What was the monthly percentage rate? Round to the nearest hundredth of a percent.

Mathematics
high-school

Hardy Mathew asked Sep 14, 2023

by Hardy Mathew

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Answer:

1.45%

Explanation:

$(8.12)/(560) (100) = .0145(100) = 1.45\%$

Nouseforname answered Sep 19, 2023

by Nouseforname

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