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Calculate the monthly finance charge if the average daily balance is $20, the daily periodic rate is 0.05%, and the number of days in the cycle is 30

Calculate the monthly finance charge if the average daily balance is $20, the daily periodic rate is 0.05%, and the number of days in the cycle is 30
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3 votes
Calculate the monthly finance charge if the average daily balance is $20, the daily periodic rate is 0.05%, and the number of days in the cycle is 30

User Drneel
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7.9k points

2 Answers

2 votes
Thats very confusing but i think the answer is 20
User Shoosh
by
8.4k points
6 votes
the answer would be 30 cents
User Arseniyandru
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8.1k points
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