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How much monthly interest will be added to the account

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Problem 1: Joseph Simpson, a student at State College, has an average balance of $370 on his retail charge card; if the store levies a finance charge of 17 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.

Reference no: EM132949837

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