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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.
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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.

User Hardy Mathew
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1 Answer

29 votes
29 votes

Answer:

1.45%

Explanation:


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

User Nouseforname
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