The balance on a credit card, that charges a 28.5% 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
The balance on a credit card, that charges a 28.5% 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
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The balance on a credit card, that charges a 28.5%
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 ($150 payment)
What is the finance charge, on the average daily
balance, for this card over this 1 month period?
Hint: First, calculate the balance for the 30 days. To do this,
take the number of days and multiply it by the balance.
What was the balance for the first 3 days?
3($[?]) +
($200) +
($50)
Enter](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F12b7d8e5-e1f4-4366-964c-d88f3b8c0c01%2F2d6fb068-4f46-4861-8328-f38804e70891%2Fh2k6ia_processed.jpeg&w=3840&q=75)
Transcribed Image Text:N. Saving... V
O Search (Alt+Q)
ngs Review View Help Grammarly
The balance on a credit card, that charges a 28.5%
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 ($150 payment)
What is the finance charge, on the average daily
balance, for this card over this 1 month period?
Hint: First, calculate the balance for the 30 days. To do this,
take the number of days and multiply it by the balance.
What was the balance for the first 3 days?
3($[?]) +
($200) +
($50)
Enter
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