1. Mr. Scroggs had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 24%. five days @ $422.16 eight days @ $1032.23 four days @ $1,818.22 thirteen days @ $2,573.28 a. What is the average daily balance? b. What is the finance charge?
1. Mr. Scroggs had these daily balances on his credit card for his last billing period. He did not pay the card in full the previous month, so he will have to pay a finance charge. The APR is 24%. five days @ $422.16 eight days @ $1032.23 four days @ $1,818.22 thirteen days @ $2,573.28 a. What is the average daily balance? b. What is the finance charge?
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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Transcribed Image Text:4.6 Average Daily Balance
1. Mr. Scroggs had these daily balances on his credit card for his last billing period. He did not
pay the card in full the previous month, so he will have to pay a finance charge. The APR is
24%.
five days @ $422.16
eight days @ $1032.23
four days @ $1,818.22
thirteen days @ $2,573.28
a. What is the average daily balance?
b. What is the finance charge?
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