Question
Fred has a balance of $215.78 on his department store charge account.
The finance charge is 1.8% on the unpaid balance per month. How much is
the monthly finance charge on his balance?
The finance charge is 1.8% on the unpaid balance per month. How much is
the monthly finance charge on his balance?
Answers
GPT 3.5
To calculate the monthly finance charge on Fred's balance, we need to multiply the unpaid balance by the finance charge rate.
Finance charge = Balance x Finance charge rate
Finance charge = $215.78 x 0.018
Finance charge = $3.88404
Therefore, the monthly finance charge on Fred's balance is approximately $3.88.
Finance charge = Balance x Finance charge rate
Finance charge = $215.78 x 0.018
Finance charge = $3.88404
Therefore, the monthly finance charge on Fred's balance is approximately $3.88.