Description
Calculate the finance charge on a home equity loan based on an average daily balance of $97,552 during a 30-day billing period. The lender charges 5.75% interest and calculates interest based on a daily periodic rate. Assume a 365-day year and round the daily periodic rate to 8 decimal places.
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Explanation & Answer
Daily rate = 0.0575/365 =. 0.000157534
So interest for 30 days =. 30 x 97552 x 0.000157534. =. $ 461.03
Answer: $ 461.03
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