Ask a New Question

Question

Finance charge was 5.58 on a monthly balance of 318.76. What is the rate?
11 years ago

Answers

MathMate
Use ratio/proportions:

5.58 : 318.76 ≡ x% : 100

Product of means = product of extremes

318.76*x% = 5.58*100

x% = 5.58*100/318.76 = 1.75% approx.
11 years ago

Related Questions

What is finance charge and how do you figure it out? Calculate the finance charge and new balance using the previous balance method. Previous balance... the finance charge at 12% interest for an original charge amount of 300.00 and a payment of 50.00 ha... Find the finance charge per $100 on a loan of $12,600 with a finance charge of $1,638. Finance charge of $2.50 per $100 for 3 payments. Find the finance charge in the open end charge account. Assume interest calculated is on the unpaid... $287.44 APR 12% FINANCE CHARGE $2.87 WHATS THE ACCOUNT BALANCE? If creditors add finance charges after subtracting payments made during the billing period, this is... The finance charge on a copier was $1,778. The loan for copier was to be paid in 18 monthly payment... Find the finance charge on a credit card with an average daily balance of $465 if the rate charged i...
Ask a New Question
Archives Contact Us Privacy Policy Terms of Use