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

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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.
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