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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Transcribed Image Text:Question 1
On October 6, a credit card account had a
balance of P10, 000. A purchase of P3, 000 was
made on October 10, and P6, 000 was charged
on October 16. A payment of P7, 000 was
made on October 10. The interest on the
average daily balance is 2.5% per month.
a. Find the average daily balance if the billing
date is November 6.
b. Find the finance charge on the November 6
bill.
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