nd the average daily balance for the credit card with the following ansactions. Assume one month between billing dates using the oper number of days in the month. Then find the finance charge if terest is 1.5% per month on the average daily balance. Finally, find e new balance. Previous Balance Billing Date Date Apr. 18 Apr. 21 Apr. 26 Transaction Return Purchase Purchase $556.12 Apr. 15 Amount $67.98 $45.98 $93.11
nd the average daily balance for the credit card with the following ansactions. Assume one month between billing dates using the oper number of days in the month. Then find the finance charge if terest is 1.5% per month on the average daily balance. Finally, find e new balance. Previous Balance Billing Date Date Apr. 18 Apr. 21 Apr. 26 Transaction Return Purchase Purchase $556.12 Apr. 15 Amount $67.98 $45.98 $93.11
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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Transcribed Image Text:Find the average daily balance for the credit card with the following
transactions. Assume one month between billing dates using the
proper number of days in the month. Then find the finance charge if
interest is 1.5% per month on the average daily balance. Finally, find
the new balance.
The average daily balance is $
(Round to the nearest cent.)
The finance charge is $
(Round to the nearest cent.)
The new balance is $
...
Previous Balance
Billing Date
Date
Apr. 18
Apr. 21
Apr. 26
May 7
Transaction
Return
Purchase
Purchase
Payment
$556.12
Apr. 15
Amount
$67.98
$45.98
$93.11
$200
tamaining: 00:58:44
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