Clement had an average daily balance of $318.47 in his charge account.
He paid 1.64% interest on that amount. Compute his finance charge.
a. $46.62
b. $ 5.22
c. $315.46
d. $.16
The finance charge would be:
$318.47 x 0.0164 = $5.22
Therefore, the answer is b. $5.22.