Calculate the monthly finance charge if the average daily balance is $20, the daily periodic rate is 0.05%, and the number of days in the cycle is 30.

$ 0.30

Step-by-step explanation:

Given:

Average daily balance = $20

Daily period rate = 0.05%

Number of days in a cycle = 30 days

The formula to calculate the monthly Finance Charge is:

Monthly finance charge = Balance x APR x (Number of days)/365

We are given the Daily period Rate which is calculated as:

Daily period rate = APR/365

Therefore, we can write the above equation as:

Monthly finance charge = Balance x Daily Periodic Rate x Number of days

Using the given values, we get:

Monthly finance charge = 20 x 0.0005 x 30 = $ 0.30

Therefore, the monthly finance charge would be $ 0.30

answer: a.   one is a factor of every whole number since every number is divisible by itself.

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