The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: Days 1-3: $150 (initial balance) Days 4-20: $200 ($50 purchase) Days 21-30: $50 ($150 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [?]
The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: Days 1-3: $150 (initial balance) Days 4-20: $200 ($50 purchase) Days 21-30: $50 ($150 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [?]
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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What is the finance charge?
![denfEwictions/interface/asellus engine btml?ClassID=2089414467
The balance on a credit card, that charges a 10.5%
APR interest rate, over a 1 month period is given in
the following table:
Days 1-3: $150 (initial balance)
Days 4-20: $200 ($50 purchase)
Days 21-30: $50 ($150 payment)
What is the finance charge, on the average daily
balance, for this card over this 1 month period?
finance charge = $ [?]
Round to the nearest hundredth.
3 International Academy of Science. All Rights Reserved.
Enter](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1f51cca4-a755-41a9-8940-94675a010560%2F161db0fe-b3f8-42b5-a1b8-9443e9f91fa8%2Fun0bfhh_processed.jpeg&w=3840&q=75)
Transcribed Image Text:denfEwictions/interface/asellus engine btml?ClassID=2089414467
The balance on a credit card, that charges a 10.5%
APR interest rate, over a 1 month period is given in
the following table:
Days 1-3: $150 (initial balance)
Days 4-20: $200 ($50 purchase)
Days 21-30: $50 ($150 payment)
What is the finance charge, on the average daily
balance, for this card over this 1 month period?
finance charge = $ [?]
Round to the nearest hundredth.
3 International Academy of Science. All Rights Reserved.
Enter
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