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Clement had an average daily balance of $318.47 in his charge account.He paid 1.64% interest on that amount. Compute his finance charge.a. $46.62b. $ 5.22c. $315.46d. $.16

Respuesta :

To find a percentage P out of a quantity Q, we use the formula:

[tex]Q\cdot\frac{P}{100}[/tex]

In this case, the quantity is $318.47 and the Percentage is 1.64%, then:

[tex]318.47\cdot\frac{1.64}{100}=318.47\cdot0.0164=5.222908[/tex]

Then the correct answer is option b.$ 5.22

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