QUESTION 3 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 320$. The transactions on the account for the month are given below. Assume an annual interest rate of 26% on the account and that the billing date is October 1st. September has 30 days. The starting balance is 320$ September 1 September 5 September 10 September 12 September 23 Charged $183 Made a payment of $ 350 Returned a T-shirt $15 Charged $92 The finance charge is $ (Round the answer to nearest cent as needed. Type dollars and cents in the two given blanks.)
QUESTION 3 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 320$. The transactions on the account for the month are given below. Assume an annual interest rate of 26% on the account and that the billing date is October 1st. September has 30 days. The starting balance is 320$ September 1 September 5 September 10 September 12 September 23 Charged $183 Made a payment of $ 350 Returned a T-shirt $15 Charged $92 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
Related questions
Question
Transcribed Image Text:QUESTION 3
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 320$. The transactions on the account for the month are given below. Assume an annual interest
rate of 26% on the account and that the billing date is October 1st. September has 30 days.
September 1
The starting balance is 320$
September 5
September 10
September 12
September 23
Charged $183
Made a payment of $ 350
Returned a T-shirt $15
Charged $92
The finance charge is $
(Round the answer to nearest cent as needed. Type dollars and cents in the two given blanks.)
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 3 steps with 2 images
Recommended textbooks for you
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Essentials Of Investments
Finance
ISBN:
9781260013924
Author:
Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:
Mcgraw-hill Education,
Foundations Of Finance
Finance
ISBN:
9780134897264
Author:
KEOWN, Arthur J., Martin, John D., PETTY, J. William
Publisher:
Pearson,
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
Corporate Finance (The Mcgraw-hill/Irwin Series i…
Finance
ISBN:
9780077861759
Author:
Stephen A. Ross Franco Modigliani Professor of Financial Economics Professor, Randolph W Westerfield Robert R. Dockson Deans Chair in Bus. Admin., Jeffrey Jaffe, Bradford D Jordan Professor
Publisher:
McGraw-Hill Education