A charge account had a balance of $979 on May 5. A purchase of $222 was made on May 17, and a payment of $175 was made on May 20. The interest on the average daily balance is 1.8% per month. Find the finance charge on the June 5 bill. (Round your answer to the nearest cent.)

A charge account had a balance of $979 on May 5. A purchase of $222 was made on May 17, and a payment of $175 was made on May 20. The interest on the average daily balance is 1.8% per month. Find the finance charge on the June 5 bill. (Round your answer to the nearest cent.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...

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