For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.1% 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: $479.66 January 10 Billing Date January 16 Returns January 21 Clothes January 27 Bus tickets February 4 Payment February 8 Flowers $104.46 $137.32 $86.61 $125 $63.35 (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.)

For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.1% 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: $479.66 January 10 Billing Date January 16 Returns January 21 Clothes January 27 Bus tickets February 4 Payment February 8 Flowers $104.46 $137.32 $86.61 $125 $63.35 (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.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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