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THE AVERAGE DIALY BALANCE FOR DAVES LAST CREDIT CARD STATEMENT WAS $1,213.44, AND HE HAD TO PAY A FINANCE CHARGE. THE APR IS 20.4%. WHAT IS THE MONTHLY INTEREST RATE? WHAT IS THE FINANCE CHARAGE FOR THE
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THE AVERAGE DIALY BALANCE FOR DAVES LAST CREDIT CARD STATEMENT WAS $1,213.44, AND HE HAD TO PAY A FINANCE CHARGE. THE APR IS 20.4%. WHAT IS THE MONTHLY INTEREST RATE? WHAT IS THE FINANCE CHARAGE FOR THE MONTH

User Anther
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20.4 /12=1.7 % monthly interest rate
1.7 =..017
.017 x.017= $20.63 is the finance charge for the month.
User Jamie Aden
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