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6. For the following credit card account, assume one month between billing days. Previous balance: $2780 Billing Date Grocery March 10 March 18 March 25 March 29 Date Returns (ii) Payment (i) Find the average daily balance on April 10 bill (use the following table). Running Balance Number of Days (Running Until Balance Changed $485 $110 Average daily balance: $355 Balance) times (Number of Days) If the interest on the average daily balance is 4.2% per month, find the monthly finance charge. Find the account balance for the next billing.

6. For the following credit card account, assume one month between billing days. Previous balance: $2780 Billing Date Grocery March 10 March 18 March 25 March 29 Date Returns (ii) Payment (i) Find the average daily balance on April 10 bill (use the following table). Running Balance Number of Days (Running Until Balance Changed $485 $110 Average daily balance: $355 Balance) times (Number of Days) If the interest on the average daily balance is 4.2% per month, find the monthly finance charge. Find the account balance for the next billing.

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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(iii) 6. For the following credit card account, assume one month between billing days. Previous balance: $2780 Billing Date Grocery March 10 March 18 March 25 March 29 (i) Date (11) Returns. Payment $485 $110 Average daily balance: $355 Find the average daily balance on April 10 bill (use the following table). Running Balance Number of Days (Running Until Balance Changed Balance) times (Number of Days) If the interest on the average daily balance is 4.2% per month, find the monthly finance charge. Find the account balance for the next billing.
Transcribed Image Text:(iii) 6. For the following credit card account, assume one month between billing days. Previous balance: $2780 Billing Date Grocery March 10 March 18 March 25 March 29 (i) Date (11) Returns. Payment $485 $110 Average daily balance: $355 Find the average daily balance on April 10 bill (use the following table). Running Balance Number of Days (Running Until Balance Changed Balance) times (Number of Days) If the interest on the average daily balance is 4.2% per month, find the monthly finance charge. Find the account balance for the next billing.
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