14 The quoted rate on your credit card is 18 percent and the card has a $57 annual fee. If your average daily balance for the billing periodis $1140, how much will your finance charge for that period be?O $74.10$17.96$17.10O $205.20

Transactions in credit card is chargeable with monthly interest rate. Finance charge =average daily…

Answered: The quoted rate on your credit card is…

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 8FPE

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The quoted rate on your credit card is 18 percent and the card has a $57 annual fee. If your average daily balance for the billing pn is $1140, how much will your finance charge for that period be? O $74.10 O $17.96 $17.10 O $205.20