Question

Dave had a balance of $236.17 on his department store charge account.
How much interest did he have to pay for the month if the rate was 1.7%
per month finance charge?

Answer 1

To calculate the interest Dave had to pay for the month, we need to first multiply the balance by the monthly finance charge rate:

Interest = Balance * Monthly Finance Charge Rate
Interest = $236.17 * 0.017
Interest = $4.01

Therefore, Dave had to pay $4.01 in interest for the month.