What is a monthly finance charge if the average daily balance is $30, the daily periodic rate is 0.07% and the number of days in a cycle is 30? a. 21 cents b. 63 cents c. 90 cents

The finance charge is:

Option: B

B. 63 cents.

Step-by-step explanation:

We are given:

Average daily balance = $30

The daily periodic rate = 0.07%

and Number of days in a cycle is 30.

We know that the formula for the finance charge is given as:

As we are given daily periodic rate this means that:

Hence, putting the value in the formula we have:

finance charge=$ 0.63

As we know that:

1 dollar=100 cents.

Hence, 0.63 dollars=63 cents

Hence, the finance charge is:

63 cents

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step-by-step explanation: