The balance on a credit card, that charges a
28.5% APR interest rate, over a 1 month
period has a daily balance of $145. What is
the finance charge, on the average daily
balance, for this 1 month period?
28.5% = 0.285
Hint: Divide the decimal by 12 to get the monthly interest
rate. Do not round that answer. Take that answer and
multiply it to the average daily balance.
Finance charge = $[?]
Round to the nearest hundredth