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Solve the problem. Round to the nearest cent.
On September 1, the unpaid balance in an account was $114. On September 4, a payment of $30 was made. The finance charge rate was 1.4% per month of the average daily balance. Find the finance charge for the month of September.
A) $1.23
C) $1.22
D) $1.18
B) $2.77

Respuesta :

Using proportions, it is found that the finance charge for the month of September is given by:

C) $1.22

What is a proportion?

A proportion is a fraction of a total amount, and the measures are related using a rule of three.

In this problem:

  • For 3 out of 30 days, the balance was of $114.
  • For 27 out of 30 days, the balance was of $114 - $30 = $84.

Hence the average balance was of:

B = 0.1 x 114 + 0.9 x 84 = 87.

1.4% of this amount is given by:

0.014 x 87 = $1.22.

Hence option C is correct.

More can be learned about proportions at https://brainly.com/question/24372153

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