Question

To the nearest cent, what is the finance charge, if the charge is computed on average daily balance at a periodic monthly rate of 3.2%?

Answer 1

@triciaal

Answer 2

@paki

Answer 3

@andrewhaze

Answer 4

srry idk

Answer 5

I would treat finance charge like compound interest

Amount charged would be the expected amount - original

Answer 6

hmm

Answer 7

the average daily total balance / 31 days
% rate per day =% per month/ 30 days

Answer 8

not sure
@dtan5457 can you help with this?
@ganeshie8 help please