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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?

Respuesta :

hamzaahmeds

Answer:

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

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