ou have a credit card that charges an interest rate of 15.65% compounded monthly. The table below shows your activity for the month of April. Date Activity Amount Balance April 1 Beginning Balance 1,375.00 April 8 Purchase 41.60 1,416.60 April 15 Payment −175.00 1,241.60 April 17 Purchase 93.00 1,334.60 April 20 Purchase 14.00 1,348.60 April 28 Purchase 35.30 1,383.90 April 30 Ending Balance 1,383.90 What is the average daily balance for this account?$What is the finance charge for the month of April?
ou have a credit card that charges an interest rate of 15.65% compounded monthly. The table below shows your activity for the month of April. Date Activity Amount Balance April 1 Beginning Balance 1,375.00 April 8 Purchase 41.60 1,416.60 April 15 Payment −175.00 1,241.60 April 17 Purchase 93.00 1,334.60 April 20 Purchase 14.00 1,348.60 April 28 Purchase 35.30 1,383.90 April 30 Ending Balance 1,383.90 What is the average daily balance for this account?$What is the finance charge for the month of April?
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
Related questions
Question
100%
ou have a credit card that charges an interest rate of 15.65% compounded monthly. The table below shows your activity for the month of April.
| Date | Activity | Amount | Balance |
|---|---|---|---|
| April 1 | Beginning Balance | 1,375.00 | |
| April 8 | Purchase | 41.60 | 1,416.60 |
| April 15 | Payment | −175.00 | 1,241.60 |
| April 17 | Purchase | 93.00 | 1,334.60 |
| April 20 | Purchase | 14.00 | 1,348.60 |
| April 28 | Purchase | 35.30 | 1,383.90 |
| April 30 | Ending Balance | 1,383.90 |
What is the average daily balance for this account?
$
What is the finance charge for the month of April?
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