6
QuizMultiple Choice

Credit Card Rates — Quiz

Question 6 • Financial Algebra/Mathematics

Moises spent $⁢3,000 on home appliances using his credit card with a 21% APR. If p denotes the average daily balance and q the monthly finance charge, which formula computes q from the APR?

Answer
A
q=0.21⁢p
B
q=0.21365⋅p⋅30
C
q=0.21⋅30⋅p
D
q=0.2112⋅p
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