A credit card balance at the beginning of the month is $6,000. on the fourth day a $200 charge is made. on the tenth day a $1500 payment is made. on the seventeenth day a $200 charge is made, and a $100 payment. on the twentieth day a $500 charge is made. using the average daily balance method, Caculate the interest charged if the account had a 16.5% rate and the billing period is 31 days.
A credit card balance at the beginning of the month is $6,000. on the fourth day a $200 charge is made. on the tenth day a $1500 payment is made. on the seventeenth day a $200 charge is made, and a $100 payment. on the twentieth day a $500 charge is made. using the average daily balance method, Caculate the interest charged if the account had a 16.5% rate and the billing period is 31 days.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A credit card balance at the beginning of the month is $6,000.
on the fourth day a $200 charge is made.
on the tenth day a $1500 payment is made.
on the seventeenth day a $200 charge is made, and a $100 payment.
on the twentieth day a $500 charge is made.
using the average daily balance method, Caculate the interest charged if the account had a 16.5% rate and the billing period is 31 days.
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