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Question 1 On October 6, a credit card account had a balance of P10, 000. A purchase of P3, 000 was 000 za p1999+0см ор

Question 1 On October 6, a credit card account had a balance of P10, 000. A purchase of P3, 000 was 000 za p1999+0см ор

FINANCIAL ACCOUNTING
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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Question 1 On October 6, a credit card account had a balance of P10, 000. A purchase of P3, 000 was made on October 10, and P6, 000 was charged on October 16. A payment of P7, 000 was made on October 10. The interest on the average daily balance is 2.5% per month. a. Find the average daily balance if the billing date is November 6. b. Find the finance charge on the November 6 bill.
Transcribed Image Text:Question 1 On October 6, a credit card account had a balance of P10, 000. A purchase of P3, 000 was made on October 10, and P6, 000 was charged on October 16. A payment of P7, 000 was made on October 10. The interest on the average daily balance is 2.5% per month. a. Find the average daily balance if the billing date is November 6. b. Find the finance charge on the November 6 bill.
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