question archive Last month, the ending balance on Angel's MasterCard was $1,789, the average daily balance was $755 and the monthly periodic rate is 1

Last month, the ending balance on Angel's MasterCard was $1,789, the average daily balance was $755 and the monthly periodic rate is 1

Subject:FinancePrice:2.86 Bought7

Last month, the ending balance on Angel's MasterCard was $1,789, the average daily balance was $755 and the monthly periodic rate is 1.85%. What is her finance charge?

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Answer:
Average Daily Balance = $755

Monthly Periodic Rate = 1.85%

Finance Charge = Average Daily Balance * Monthly Periodic Rate
Finance Charge = $755 * 1.85%
Finance Charge = $13.97

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