Posted by **Anonymous** on Monday, August 13, 2012 at 5:36pm.

Calculate the monthly finance charge for the following credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. Assume 365 days in a year. (Round your answer to the nearest cent.)

$3,000 balance, 21% rate, $1,500 payment, average daily balance method

$ 1

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