A credit card statement showed these transactions during October. October 1 Previous balance $257.28 October 12 Purchases $79.55 October 29 Payment $55.00 The credit card has an interest rate of 4.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]
A credit card statement showed these transactions during October. October 1 Previous balance $257.28 October 12 Purchases $79.55 October 29 Payment $55.00 The credit card has an interest rate of 4.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.]
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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2. A credit card statement showed these transactions during October.
October 1 Previous balance $257.28
October 12 Purchases $79.55
October 29 Payment $55.00
The credit card has an interest rate of 4.5% on the average daily balance. Find
the average daily balance, the finance charge for the month, and the new
balance on November 1. [Hint: Remember that October has 31 days.]
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