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Calculate the monthly finance charge assuming a 20% annual interest rate and the following average daily balances. Addresses learning objective #5 Days Balance 9 $1,650
Calculate the monthly finance charge assuming a 20% annual interest rate and the following average daily balances.
Addresses learning objective #5
| Days | Balance | |
| 9 | $1,650 | |
| 11 | $9,000 | |
| 3 | $1,700 | |
| 8 | $3,800 | |
| Total | 31 |
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