On August 10, a credit card account had a balance of $320. A purchase of $51 was made on August 15, and $158 was charged on August 27. A payment of $78 was made on August 15. The interest on the average daily balance is 1.14% per month. Find the finance charge on the September 10 bill. Part 1 of 3 Based on the data provided in the problem, complete the following table. Date Payment/Purchase Balance Days Balance x Days Aug 10-14 $320 $1600 Aug 15 51 $0 Aug 15-26 -78 $293 12 $3516 Aug 27-Sept 9 158 $451 14 $ $ Total
On August 10, a credit card account had a balance of $320. A purchase of $51 was made on August 15, and $158 was charged on August 27. A payment of $78 was made on August 15. The interest on the average daily balance is 1.14% per month. Find the finance charge on the September 10 bill. Part 1 of 3 Based on the data provided in the problem, complete the following table. Date Payment/Purchase Balance Days Balance x Days Aug 10-14 $320 $1600 Aug 15 51 $0 Aug 15-26 -78 $293 12 $3516 Aug 27-Sept 9 158 $451 14 $ $ Total
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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![Tutorial Exercise
On August 10, a credit card account had a balance of $320. A purchase of $51 was made on August 15, and $158 was charged on August 27. A payment of $78 was made on August 15.
The interest on the average daily balance is 1.14% per month. Find the finance charge on the September 10 bill.
Part 1 of 3
Based on the data provided in the problem, complete the following table.
Date
Payment/Purchase
Balance
Days
Balance x Days
Aug 10-14
$320
$1600
Aug 15
51
$
$0
Aug 15-26
-78
$293
12
$3516
Aug 27-Sept 9
158
$451
14
Total
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Transcribed Image Text:Tutorial Exercise
On August 10, a credit card account had a balance of $320. A purchase of $51 was made on August 15, and $158 was charged on August 27. A payment of $78 was made on August 15.
The interest on the average daily balance is 1.14% per month. Find the finance charge on the September 10 bill.
Part 1 of 3
Based on the data provided in the problem, complete the following table.
Date
Payment/Purchase
Balance
Days
Balance x Days
Aug 10-14
$320
$1600
Aug 15
51
$
$0
Aug 15-26
-78
$293
12
$3516
Aug 27-Sept 9
158
$451
14
Total
Submit Skip (you cannot come back),
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