3. Use the unpaid balance method to find the finance charge on the credit card account for August. The starting balance from the previous month is $220. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 16% on the account and that the billing date is August 1st. The finance charge for the month of August is $ (Round to the nearest cent as needed.) Date August 7 August 13 August 19 August 31 Transaction Made payment of $89 Charged $140 for hiking boots Charged $22 for gasoline Charged $34 for restaurant meal.
3. Use the unpaid balance method to find the finance charge on the credit card account for August. The starting balance from the previous month is $220. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 16% on the account and that the billing date is August 1st. The finance charge for the month of August is $ (Round to the nearest cent as needed.) Date August 7 August 13 August 19 August 31 Transaction Made payment of $89 Charged $140 for hiking boots Charged $22 for gasoline Charged $34 for restaurant meal.
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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Question
![3. Use the unpaid balance method to find the
finance charge on the credit card account for August. The starting
balance from the previous month is $220. The transactions on the
account for the month are given in the table to the right. Assume an
annual interest rate of 16% on the account and that the billing date
is August 1st.
The finance charge for the month of August is $
(Round to the nearest cent as needed.)
Date
August 7
August 13
August 19
August 31
Transaction
Made payment of $89
Charged $140 for hiking boots
Charged $22 for gasoline
Charged $34 for restaurant meal](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe0b17839-e92d-4efc-b2df-d51b32fb9eb0%2Febe314d7-8757-45d1-9528-f9152cd8896a%2F97asdjn_processed.jpeg&w=3840&q=75)
Transcribed Image Text:3. Use the unpaid balance method to find the
finance charge on the credit card account for August. The starting
balance from the previous month is $220. The transactions on the
account for the month are given in the table to the right. Assume an
annual interest rate of 16% on the account and that the billing date
is August 1st.
The finance charge for the month of August is $
(Round to the nearest cent as needed.)
Date
August 7
August 13
August 19
August 31
Transaction
Made payment of $89
Charged $140 for hiking boots
Charged $22 for gasoline
Charged $34 for restaurant meal
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