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 dailybalance, (b) the monthly finance charge, and (e) the account balance for the next billingPrevious Balance: $485.26January 13 Billing DateJanuary 15 RetumsJanuary 20 ClothesJanuary 27 Bus SicketsFebruary 2 PaymentFebruary 6 Flowers$105.09$114.34$76.83$130$64.41(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.)

According to given information the last month balance = $485.26 And the billing date is January…

Answered: For the credit card account, assume one…

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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