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Answer to Question #349104 in Financial Math for Nalyn

Question #349104

In Exercises 1 to 2, calculate the finance charge for a credit card that has the given average daily

balance and interest rate. Show your solutions.


1. Average daily balance: P118.72; monthly interest rate: 1.25%


2. Average daily balance: P10,154.87; monthly interest rate: 1.5%


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