Finance charge was 5.58 on a monthly balance of 318.76. What is the rate?
Use ratio/proportions:
5.58 : 318.76 ≡ x% : 100
Product of means = product of extremes
318.76*x% = 5.58*100
x% = 5.58*100/318.76 = 1.75% approx.
5.58 : 318.76 ≡ x% : 100
Product of means = product of extremes
318.76*x% = 5.58*100
x% = 5.58*100/318.76 = 1.75% approx.