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) Days 21-30: $50 ($150 payment) $150 (initial balance) 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 20% APR interest rate, over a 1 month period is given in the following table: Days 1-3: Days 4-20: $200 ($50 purchase) Days 21-30: $50 ($150 payment) $150 (initial balance) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge $ [?]

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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