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1. A credit card account had a $729 balance on March 5. A purchase of $152 was made on March 10, another purchase of $75 was made on March 20, and a payment of $100 was made on March 28. Find the average daily balance and the finance charge if the billing date is April 5. Assume an annual interest rate of 21%. Balance each Day Date ADB $867.43; FC = $15.18 ADB $867.43; FC = $15.47 ADB $865.87; FC = $15.15 ADB $869.39: FC = $15.51 ADB $869.39: FC = $15.21 = Payments or Purchases = Number of days until Balance. Changes Unpaid Balance Times Number of Days

1. A credit card account had a $729 balance on March 5. A purchase of $152 was made on March 10, another purchase of $75 was made on March 20, and a payment of $100 was made on March 28. Find the average daily balance and the finance charge if the billing date is April 5. Assume an annual interest rate of 21%. Balance each Day Date ADB $867.43; FC = $15.18 ADB $867.43; FC = $15.47 ADB $865.87; FC = $15.15 ADB $869.39: FC = $15.51 ADB $869.39: FC = $15.21 = Payments or Purchases = Number of days until Balance. Changes Unpaid Balance Times Number of Days

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 8 1. A credit card account had a $729 balance on March 5. A purchase of $152 was made on March 10, another purchase of $75 was made on March 20, and a payment of $100 was made on March 28. Find the average daily balance and the finance charge if the billing date is April 5. Assume an annual interest rate of 21% Balance each Day Date ADB $867.43: FC = $15.18 ADB $867.43; FC = $15.47 = = Payments or Purchases ADB $865.87; FC = $15.15 ADB $869.39: FC = $15.51 ADB $869.39 FC = $15.21 = = Number of days until Balance Changes Unpaid Balance Times Number of Days
Transcribed Image Text:Question 8 1. A credit card account had a $729 balance on March 5. A purchase of $152 was made on March 10, another purchase of $75 was made on March 20, and a payment of $100 was made on March 28. Find the average daily balance and the finance charge if the billing date is April 5. Assume an annual interest rate of 21% Balance each Day Date ADB $867.43: FC = $15.18 ADB $867.43; FC = $15.47 = = Payments or Purchases ADB $865.87; FC = $15.15 ADB $869.39: FC = $15.51 ADB $869.39 FC = $15.21 = = Number of days until Balance Changes Unpaid Balance Times Number of Days
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