document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=974443>Question 974443</A>: <I><SPAN STYLE=\"word-break: break-all;\"> If the average daily balance is $1480.00 and the monthly interest is 2.2%, what is the finance charge for the month? </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #596340 by </B><A HREF=/tutors/aboutme.mpl?userid=farohw><B>farohw(175)</B></A><img src=\"/images/stars/stars-09.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=farohw><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/cgi-bin/show-face.mpl?user=farohw><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=596340\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> \r<BR>\n" );
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document.write( "To calculate the finance charge using a monthly periodic rate, we multiply:\r<BR>\n" );
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document.write( "Average daily balance * monthly periodic rate = monthly finance charge\r<BR>\n" );
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document.write( "Convert 2.2% to decimal form 0.022 by dividing 2.2/100\r<BR>\n" );
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document.write( "$1,480 * 0.022 = $32.56 \r<BR>\n" );
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document.write( "$32.56 is your monthly finance charge.\r<BR>\n" );
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