Use average daily balance method to compute the charge on the credit card account for the previous month. The starting balance and transaction led on the account for the month of April are in the table below. Assume an annual interest rate of 18%. April (30 days) previous month balance $180 4/3 charged $85 4/17 made payment of $120 4/24 charged $192 4/26 charged $37 the finance charge is what?

Use average daily balance method to compute the charge on the credit card account for the previous month. The starting balance and transaction led on the account for the month of April are in the table below. Assume an annual interest rate of 18%. April (30 days) previous month balance $180 4/3 charged $85 4/17 made payment of $120 4/24 charged $192 4/26 charged $37 the finance charge is what?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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