Question

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QUESTION 1

Roderick's credit card company calculates a finance charge based upon a periodic rate of 1.8% on all unpaid balances. If Roderick has an unpaid balance of $300.00, determine the finance charge that he will be assessed.

$301.80

$298.20

$5.40

$54.00

Answer 1

$5.40

Explanation:

The word percent literally means "for each 100," and we can use this vocab fact to help us answer a question like "what is 1.8 percent of $300?" We have 1.8 for each 100 in 300, and since there are 3 hundreds in 300, that means we're going to be counting 3 1.8s, which gets us 1.8 × 3 = 5.4. Since our unit is dollars this comes out to $5.40.