find the finance charge if a credit card has a annual daily balance of $2317.48 and a monthly periodic rate of 1.325%

Question

find the monthly finance charge  

Answer 1

I think that you meant AVERAGE instead of ANNUAL daily (balance).

 

Using the principle that Finance charge (Interest) for one month is Monthly interest rate times average balance owed,

you simply need to multiply 2317.48 by 0.01325 to determine the answer.

 

As usual, monthly interest rate is in the area of Exorbitant!  Avoid wasting you money carrying a credit card balance.