Ask Question
24 June, 01:24

Jackson and kate jones do not pay their credit care in full, the average daily balance is $$875 and the monthly periodic rate is 2.25%, what should be the fiance charge on the statement?

+2
Answers (1)
  1. 24 June, 01:38
    0
    The finance charge is $19.68

    Step-by-step explanation:

    The finance charge on a credit card is given by the formula:

    Finance Charge = The Average Daily Balance x Monthly Periodic Rate

    We know that:

    Average Daily Balance = $875

    Monthly Periodic Rate = 2.25% = 0.0225

    Using in Formula:

    Finance Charge = $875 x 0.0225

    Finance Charge = $19.68
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Jackson and kate jones do not pay their credit care in full, the average daily balance is $$875 and the monthly periodic rate is 2.25%, ...” in 📗 Mathematics if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers