The balance on a credit card, that charges a 20% APR interest rate, over a 1 month period is given in the following table: Days 1-3: Days 4-20: $200 ($50 purchase) $150 (initial balance) 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.
The balance on a credit card, that charges a 20% APR interest rate, over a 1 month period is given in the following table: Days 1-3: Days 4-20: $200 ($50 purchase) $150 (initial balance) 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.
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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![The balance on a credit card, that charges a 20%
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.
Enter
LAcellus Corporation. All Rights Reserved.
58°F Cle
%2:](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F657b0f2c-505d-4f01-9591-bc88ec786b35%2Faa4cee2e-ecff-4f22-82b5-5fa012a2ece7%2Fkiabr5i_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The balance on a credit card, that charges a 20%
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.
Enter
LAcellus Corporation. All Rights Reserved.
58°F Cle
%2:
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