For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4% 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: $455.28 January 12 Billing Date January 15 Returns January 21 Clothes January 25 Bus tickets February 4 Payment February 7 Flowers $102.86 $117.89 $89.76 $125 $66.36

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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For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4% 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: $455.28
January 12 Billing Date
January 15 Returns
January 21 Clothes
January 25 Bus tickets
February 4 Payment
February 7 Flowers
$102.86
$117.89
$89.76
$125
$66.36
Transcribed Image Text:For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4% 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: $455.28 January 12 Billing Date January 15 Returns January 21 Clothes January 25 Bus tickets February 4 Payment February 7 Flowers $102.86 $117.89 $89.76 $125 $66.36
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