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OpenStudy (anonymous):
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%?
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OpenStudy (anonymous):
OpenStudy (anonymous):
@triciaal
OpenStudy (anonymous):
@paki
OpenStudy (anonymous):
@andrewhaze
OpenStudy (andrewhaze):
srry idk
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OpenStudy (triciaal):
I would treat finance charge like compound interest Amount charged would be the expected amount - original
OpenStudy (anonymous):
hmm
OpenStudy (triciaal):
the average daily total balance / 31 days % rate per day =% per month/ 30 days
OpenStudy (triciaal):
not sure @dtan5457 can you help with this? @ganeshie8 help please
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