SOLUTION: suppose the APR on credit card is 18.25% if a card carries an average daily balance of $500.00 over one billing period of period of 30 days, what is the finance charge that period

Question 1114470: suppose the APR on credit card is 18.25% if a card carries an average daily balance of $500.00 over one billing period of period of 30 days, what is the finance charge that period ? assume there are 365 days in a year.
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
suppose the APR on credit card is 18.25% if a card carries an average daily balance of $500.00 over one billing period of period of 30 days, what is the finance charge that period ? assume there are 365 days in a year.
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I = P*r*t
I = 500*0.1825*(30/365)
I = $7.50
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Cheers,
Stan H.
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