Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $196.90, a payment of $40 posted on March 8, and a purchase of $25.20 posted on March 16. The billing cycle ends March 31. The average daily balance is $ (Type an integer or decimal rounded to the nearest hundredth as needed.)

Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $196.90, a payment of $40 posted on March 8, and a purchase of $25.20 posted on March 16. The billing cycle ends March 31. The average daily balance is $ (Type an integer or decimal rounded to the nearest hundredth as needed.)

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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Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $141.50, a payment of $50 posted on March 10, and a purchase of $36.60 posted on March 24. The billing cycle ends March 31. The average daily balance is $ (Type an integer or decimal rounded to the nearest hundredth as needed.)
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