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OpenStudy (anonymous):
you owe $302.87 on your credit card. your average daily balance is $112.98, the billing cycle is 35 days, and the interest rate on the credit card is 16%. what is your interest charge? show/explain how you got your answer?
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jimthompson5910 (jim_thompson5910):
interest charge = (interest rate in decimal form) * (average daily balance)
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