Business Math Question

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Find the finance charge per $100 on a loan of $12,600 with a finance charge of $1,638.

  • Business Math Question -

    $1,638/$12,600 = finance charge per $1.00 = $0.13/$1.00.
    Multiply both numerator and denominator by 100 in order to increase the $1.00 to $100.00 = answer $13/$100.

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