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

Algebra ->  Customizable Word Problem Solvers  -> Finance -> 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       Log On

Ad: Over 600 Algebra Word Problems at edhelper.com


    

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) About Me  (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.
-----
I = P*r*t
I = 500*0.1825*(30/365)
I = $7.50
-------------
Cheers,
Stan H.
--------