Alexis Monroe, a biologist from Dyersburg, Tennessee, is curious about the accuracy of the interest charges shown on her most recent credit card billing statement. Interest Charged Interest Charge on Purchases $6.40 Interest Charge on Cash Advances $4.65 TOTAL INTEREST FOR THIS MONTH $11.05 Use the average daily balances provided to recalculate the interest charges, and compare the result with the amount shown on the statement. Round your answers to the nearest cent. Annual Percentage Balances Subject to Type of Balance Rate (APR) Interest Rate Interest Charge Purchases 15.14% (V) $513.39 $ Cash Advances 22.43% (V) $252.98 $ Balance Transfers 0.00% $637.50 $ Penalty APR 28.99% $ 0.00 $
Alexis Monroe, a biologist from Dyersburg, Tennessee, is curious about the accuracy of the interest charges shown on her most recent credit card billing statement. Interest Charged Interest Charge on Purchases $6.40 Interest Charge on Cash Advances $4.65 TOTAL INTEREST FOR THIS MONTH $11.05 Use the average daily balances provided to recalculate the interest charges, and compare the result with the amount shown on the statement. Round your answers to the nearest cent. Annual Percentage Balances Subject to Type of Balance Rate (APR) Interest Rate Interest Charge Purchases 15.14% (V) $513.39 $ Cash Advances 22.43% (V) $252.98 $ Balance Transfers 0.00% $637.50 $ Penalty APR 28.99% $ 0.00 $
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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Alexis Monroe, a biologist from Dyersburg, Tennessee, is curious about the accuracy of the interest charges shown on her most recent credit card billing statement.
| Interest Charged | |
| Interest Charge on Purchases | $6.40 |
| Interest Charge on Cash Advances | $4.65 |
| TOTAL INTEREST FOR THIS MONTH | $11.05 |
Use the average daily balances provided to recalculate the interest charges, and compare the result with the amount shown on the statement. Round your answers to the nearest cent.
| Annual Percentage | Balances Subject to | ||
| Type of Balance | Rate (APR) | Interest Rate | Interest Charge |
| Purchases | 15.14% (V) | $513.39 | $ |
| Cash Advances | 22.43% (V) | $252.98 | $ |
| Balance Transfers | 0.00% | $637.50 | $ |
| Penalty APR | 28.99% | $ 0.00 | $ |
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