Question

What is the monthly finance charge if the average daily balance is $15, the daily periodic rate is 0.06%, and the number of days in the cycle is 30?
A) 27 cents.
B) 45 cents.
C) 90 cents.

Answer 1

So, set up a good equation here. The daily balance is 15, a daily rate of 0.06% for 30 days.

We would say... \[15 + 0.06 \times 30 = x\]

Answer 2

I got 16.8...