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 $149.10, a payment of $50 posted on March 7, and a purchase of $20.30 posted on March 19. The billing cycle ends March 31. The average daily balance is $ (Type an integer or decimal rounded to the nearest hundredth as needed.) C
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 $149.10, a payment of $50 posted on March 7, and a purchase of $20.30 posted on March 19. The billing cycle ends March 31. The average daily balance is $ (Type an integer or decimal rounded to the nearest hundredth as needed.) C
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: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 $149.10, a payment of $50 posted on March 7, and a purchase of $20.30 posted on March 19. The billing cycle ends March 31.
The average daily balance is $
(Type an integer or decimal rounded to the nearest hundredth as needed.)
-C
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