Calculating credit card interestryan gray a student at, Ask an Expert

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Calculating credit card interest

Ryan Gray, a student at State College, has a balance of $380 on his retail charge card; if the store levies a finance charge of 20 percent per year, how much monthly interest will be added to his account? Assume that the balance is computed by the average daily balance method. Round the answer to 2 decimal places.

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Category:- Financial Management
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