Answered: Calculate the monthly finance charge

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Calculate the monthly finance charge

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Question

Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answer to the nearest cent.)

$375 balance, 18%, $325 payment; average daily balance method

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Step 1: find the daily balance

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Step 2: calculate the daily periodic rate

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Step 3: calculate the finance charge

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