A credit card has an APR of 24% and an average daily balance of $800 during a 28 -day billing cycle. What is the finance charge for this period? Finance Charge=(Average Daily Balance)⋅((APR)/(365))⋅(Number of Days in Billing Cycle)

Question

Revolt · Accepted Answer

14 point 7 3 dollars

Credits and Types of Loans — Test

A credit card has an APR of 24% and an average daily balance of $800 during a 28 -day billing cycle. What is the finance charge for this period? Finance Charge=(Average Daily Balance)⋅((APR)/(365))⋅(Number of Days in Billing Cycle)

Explanation

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