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multi the unpaid balance by the monthly interest rate

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12y ago

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What is the monthly finance charge if the average daily balance is 15 the daily periodic rate is 0.06 and the number of days in the cycle is 30?

To calculate the monthly finance charge, you can use the formula: Finance Charge = Average Daily Balance × Daily Periodic Rate × Number of Days in Cycle. Here, the average daily balance is $15, the daily periodic rate is 0.06 (which is 0.0006 when expressed as a decimal), and the number of days is 30. So, the finance charge would be: Finance Charge = $15 × 0.0006 × 30 = $0.27. Thus, the monthly finance charge is $0.27.


How is finance charge calculated?

Finance charges are applied to credit card balances that aren't paid before the grace period. Different credit cards calculate finance charges in different ways.


Protects you when applying to receive credit?

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What is a finance charge?

A finance charge is interest charged by a lender on the unpaid balance of a loan.


What is finance charge?

A finance charge is interest charged by a lender on the unpaid balance of a loan.


How do you calculate the money factor in a lease agreement?

To calculate the money factor in a lease agreement, you divide the annual interest rate by 2400. This will give you the money factor, which is used to determine the finance charge on the lease.


How do you calculate the money factor on a car lease?

To calculate the money factor on a car lease, you divide the annual interest rate by 2400. This will give you the money factor, which is used to determine the finance charge on the lease.


How to calculate the money factor on a lease?

To calculate the money factor on a lease, you can convert the annual percentage rate (APR) to a decimal and divide it by 2400. This will give you the money factor, which is used to determine the finance charge on a lease.