ShaiaZ220675 ShaiaZ220675

27-10-2022
Mathematics

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compute the finance charge, at 3% for one month on average daily balance of $268.42

compute the finance charge at 3 for one month on average daily balance of 26842 class=

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RhysM382324 RhysM382324

27-10-2022

Finance charge = average daily balance * interest rate * time period

Given:

average daily balance of $268.42

interest = 3% = 0.03

Time period = 1 month

so,

Finance charge = 268.42 * 0.03 * 1 = $8.0526

so, the answer is option B) $8.05

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