Ryan Gray, a student at State College, has a balance of $500 on his retail charge card;
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Question:
Ryan Gray, a student at State College, has a balance of $500 on his retail charge card; if the store levies a finance charge of 21% per year, how much monthly interest will be added to his account? Assume that the balance is computed by the average daily balance method. Do not round intermediate calculations. Round the answer to 2 decimal places.
Related Book For
Personal Financial Planning
ISBN: 978-1305636613
14th edition
Authors: Randy Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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