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C. 2.16 % D. 2.5 % 8. Rebecca pays a finance charge on her average daily balance of $1,441.60. Her APR is 18%. What is her fi
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Answer #1

Finance charge = balance * monthly rate

Let suppose that billing cycle lasts for 1 month

So APR = 18/12 = 1.5%

Finance charge for this cycle = 1441.60 * 0.015 = 21.62

So correct answer is E

  

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