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What will the month's finance charge be on an unpaid balance of \(\$450\) if the ANNUAL finance rate is 14.4%?

Explanation

If the yearly rate is 14.4%, the monthly rate is \(14.4 \% \div 12\), or 1.2%. Multiply \(450 \times 1.2 \%\) to find the finance charge for the unpaid balance for one month.
\(1.2 \% \times 450=0.012 \times 450=5.40\)
The charge on the unpaid balance is \(\$5.40\).

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