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Answer:The simplest way to calculate a finance charge is: balance X monthly rate
Step-by-step explanation:
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500 X .015 = $7.50
The finance charge for a credit card that has an average daily balance of 5,600 and a monthly interest rate of 1.35 % is $75.6.
What is the finance charge?
The finance charge is the product of an average daily balance to the monthly interest rate.
finance charge = balance x monthly rate
The simplest way to calculate a finance charge = balance x monthly rate
= 5,600 x 0.0135
= $75.6
Thus, the finance charge for a credit card that has an average daily balance of 5,600 and a monthly interest rate of 1.35 % is $75.6.
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