a) Find the average daily balance for the billing period. b) Find the finance charge to be paid on February 14. Assume an interest rate of 1.2% per month. c) Find the balance due on February 14.

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
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$48.07
The balance on Ramon Felipe's credit card on January 14, his billing date,
was $354. 15. For the period ending February 14, Ramon had the
following transactions to the right.
a) Find the average daily balance for the billing period.
b) Find the finance charge to be paid on February 14. Assume an interest
rate of 1.2% per month.
c) Find the balance due on February 14.
January 24 Charge:
Restaurant meal
$140.00
January 29 Payment
February 8 Charge:
$21.49
Lawn ornaments
February 13 Charge:
$118.86
Microwave oven
Transcribed Image Text:$48.07 The balance on Ramon Felipe's credit card on January 14, his billing date, was $354. 15. For the period ending February 14, Ramon had the following transactions to the right. a) Find the average daily balance for the billing period. b) Find the finance charge to be paid on February 14. Assume an interest rate of 1.2% per month. c) Find the balance due on February 14. January 24 Charge: Restaurant meal $140.00 January 29 Payment February 8 Charge: $21.49 Lawn ornaments February 13 Charge: $118.86 Microwave oven
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