For questions #7-10, the periodic rate is 2%.7. Pete has a charge account at Art's Supplies. The finance charge is computed using the average-daily-balance method where new purchases are not included. Pete's previous balance is $145.00, andthe billing period is from April 1-April 30. On April 10, Pete made a $50.00 payment. On April 20, hemade a purchase of $63.45. What is his average daily balance? What is his finance charge? Whatis his new balance?A: DatesB: End of day C: Number ofbalancedays4/1 - 4/914509759D: Sum ofbalances145.87754/10 - 4/3095.06365219633665Total of column D:Average daily balance: 100067New balance:160.66Total of column C:Finance charge: 221

The average daily balance is calculated by taking the sum of the daily balances and dividing by the…

Answered: made a purchase of $63.45. What is his…

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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made a purchase of $63.45. What is his average daily balance? What is his finance charge? What is his new balance?