Saul has an account with a department store. His daily balance for the first 11 days of April was $225. His daily balance for the next 6 days was $262.22. For the last 14 days it was $297.33. What was his finance charge if the store used a rate of 2%? will mark u brainliest and will follow u if answer is right pls no spamming thx :)
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I do not know of any store that computes finance charges on an average daily balance basis. It is usually based upon the unpaid balance at the end of the month. You don't say whether the 2% is a daily or monthly rate.
They probably want you to take 2% of the average balance for the month. That average balance is
(11/30*225) + (6/30*262.22) + (14/30*297.33) = 272.60
2% of that is $5.45
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