QUESTION 2 Use the average daily method to find the finance charge on the credit card account for September (tha appear on the October bill). The starting balance from the previous month is 280$. The transactions on account for the month are given below. Assume an annual interest rate of 29% on the account and thall billing date is October 1st. September has 30 days. September 1 The starting balance is 280$ September 3 September 10 September 13 September 22 Charged $123 Made a payment of $ 350 Returned a T-shirt $25 Charged $89 The finance charge is $ (Round the answer to nearest cent as needed. Type dollars and cents in the two given blanks.)
QUESTION 2 Use the average daily method to find the finance charge on the credit card account for September (tha appear on the October bill). The starting balance from the previous month is 280$. The transactions on account for the month are given below. Assume an annual interest rate of 29% on the account and thall billing date is October 1st. September has 30 days. September 1 The starting balance is 280$ September 3 September 10 September 13 September 22 Charged $123 Made a payment of $ 350 Returned a T-shirt $25 Charged $89 The finance charge is $ (Round the answer to nearest cent as needed. Type dollars and cents in the two given blanks.)
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:QUESTION 2
Use the average daily method to find the finance charge on the credit card account for September (that will
appear on the October bill). The starting balance from the previous month is 280$. The transactions on the
account for the month are given below. Assume an annual interest rate of 29% on the account and that the
billing date is October 1st. September has 30 days.
The starting balance is 280$
Charged $123
Made a payment of $ 350
Returned a T-shirt $251
Charged $89
September 1
September 3
September 10
September 13
September 22
The finance charge is $
(Round the answer to nearest cent as needed. Type dollars and cents in the two given blanks.)
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