For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $464.30 January 12 Billing Date January 16 Returns January 21 Clothes January 26 Bus tickets February 4 Payment February 7 Flowers $102.74 $113.66 $69.74 $105 $67 29 (a) The average daily balance is S (Round to the nearest cent as needed.) (b) The finance charge is S (Round to the nearest cent as needed.) (c) The account balance for the next billing is S (Round to the nearest cent as needed.)
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $464.30 January 12 Billing Date January 16 Returns January 21 Clothes January 26 Bus tickets February 4 Payment February 7 Flowers $102.74 $113.66 $69.74 $105 $67 29 (a) The average daily balance is S (Round to the nearest cent as needed.) (b) The finance charge is S (Round to the nearest cent as needed.) (c) The account balance for the next billing is S (Round to the nearest cent as needed.)
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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Question
![For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance
charge, and (c) the account balance for the next billing.
Previous Balance: $464.30
January 12 Billing Date
January 16 Returns
January 21 Clothes
January 26 Bus tickets
February 4 Payment
February 7 Flowers
$102.74
$113.66
$69.74
$105
$67.29
(a) The average daily balance is $
(Round to the nearest cent as needed.)
(b) The finance charge is $
(Round to the nearest cent as needed.)
(c) The account balance for the next billing is $.
(Round to the nearest cent as needed.)
Enter your answer in each of the answer boxes.
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Transcribed Image Text:For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance
charge, and (c) the account balance for the next billing.
Previous Balance: $464.30
January 12 Billing Date
January 16 Returns
January 21 Clothes
January 26 Bus tickets
February 4 Payment
February 7 Flowers
$102.74
$113.66
$69.74
$105
$67.29
(a) The average daily balance is $
(Round to the nearest cent as needed.)
(b) The finance charge is $
(Round to the nearest cent as needed.)
(c) The account balance for the next billing is $.
(Round to the nearest cent as needed.)
Enter your answer in each of the answer boxes.
fg
f10
insert
prt sc
f5
f6
fg
esc
&
backspace
2
3
7
00
T
5
%24
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