Last month the ending balance on Maryanne's Mastercard was $1,789, the average daily balance was $755, and the monthly periodic rate is 1.85%. Her finance charge can be calculated by multiplying the ending balance times the monthly periodic rate. So the finance charge is $1,789 ´ 0.0185 = $33.10.
Answer the following statement true (T) or false (F)
False
The finance charge can be found by multiplying the average daily balance times the monthly periodic rate. Maryanne's finance charge is $755 ´ 0.0185 = $13.97.
Mathematics
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