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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…

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 DrBug
by
7.9k points

1 Answer

1 vote

Answer:

1.45%

Explanation:


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

User Aaryn
by
8.0k points
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