Date 7. You have a credit card that charges an interest rate of 5% compounded monthly. The table below shows your activity for the month of November. November 1 November 7 November 9 November 20 November 22 November 30 Activity Beginning Balance Payment Charge Charge Charge Ending Balance Amount -$75.00 $80.00 $25.00 $10.00 Balance $180.00 $105.00 $185.00 $210.00 $220.00 $220.00 a. What is the average daily balance for this account? b. What is the finance charge for the month of November?

Date 7. You have a credit card that charges an interest rate of 5% compounded monthly. The table below shows your activity for the month of November. November 1 November 7 November 9 November 20 November 22 November 30 Activity Beginning Balance Payment Charge Charge Charge Ending Balance Amount -$75.00 $80.00 $25.00 $10.00 Balance $180.00 $105.00 $185.00 $210.00 $220.00 $220.00 a. What is the average daily balance for this account? b. What is the finance charge for the month of November?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter4: Managing Your Cash And Savings

Section: Chapter Questions

Problem 5FPE: Calculating the net costs of checking accounts. Determine the annual net cost of these checking...

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please circle the answers so i can figure out how you got it
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H5.
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