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?

Given

 The average daily balance is $15

The  daily periodic rate = 0.06%

The number of days in the cycle is 30

Find out the monthly finance charge.

To proof  

Let us assume that the monthly finance charge = x

As given in the question

The average daily balance = $15

daily periodic rate = 0.06%,

First convert 0.06% in decimal form

= 0.0006

Daily finance charge =  0.0006 × 15

                                   =  0.009

number of days in the cycle is 30

now

monthly finance charge

Than the equation becomes

x = 15 × 0.0006 × 30

x = 0.009× 30

x  = $0.27

Thus the monthly finance charge is $0.27

Hence proved

not enough information

step-by-step explanation:

we cannot know this, because the other students could have handed out 10 flyers, or they could have handed out 100. one way, the mean would go up, and another way, the mean would go down.

tangent

step-by-step explanation: