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16. The billing cycle for Mr. Lang´s credit card begins on September 8 and ends on October 7. He is carryii palance of $458 from the previous billing cycle. During the current billing period, the following transaction occurred. The annual interest rate is 19% (September has 30 days). Find the average daily balance and the inance charge. Post date Description Amount Sept 18 Payment $35.00 Sept 26 Purchase $125 Oct 3 Purchase $ 84 Date Range

16. The billing cycle for Mr. Lang´s credit card begins on September 8 and ends on October 7. He is carryii palance of $458 from the previous billing cycle. During the current billing period, the following transaction occurred. The annual interest rate is 19% (September has 30 days). Find the average daily balance and the inance charge. Post date Description Amount Sept 18 Payment $35.00 Sept 26 Purchase $125 Oct 3 Purchase $ 84 Date Range

Essentials Of Investments
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
Problem 1PS
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16. The billing cycle for Mr. Lang's credit card begins on September 8 and ends on October 7. He is carrying a balance of $458 from the previous billing cycle. During the current billing period, the following transactions occurred. The annual interest rate is 19% (September has 30 days). Find the average daily balance and the finance charge. Post date Description Amount Sept 18 Payment $35.00 Sept 26 Purchase $125 Oct 3 Purchase $ 84 Date Range
Transcribed Image Text:16. The billing cycle for Mr. Lang's credit card begins on September 8 and ends on October 7. He is carrying a balance of $458 from the previous billing cycle. During the current billing period, the following transactions occurred. The annual interest rate is 19% (September has 30 days). Find the average daily balance and the finance charge. Post date Description Amount Sept 18 Payment $35.00 Sept 26 Purchase $125 Oct 3 Purchase $ 84 Date Range
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