Use the average daily balance method to compute the finance charge on the credit card account for the previous month. The starting balance and transactions on the account for the month of April are given to the right. Assume an annual interest rate of 18%. The finance charge is $ (Round to the nearest cent as needed.). CIT Month: April (30 days): previous month's balance: $430 April 14 April 16 April 24 April 28 Charged $81 for a coat Made payment of $300 Charged $106 for DVDs Charged $37 for groceries
Use the average daily balance method to compute the finance charge on the credit card account for the previous month. The starting balance and transactions on the account for the month of April are given to the right. Assume an annual interest rate of 18%. The finance charge is $ (Round to the nearest cent as needed.). CIT Month: April (30 days): previous month's balance: $430 April 14 April 16 April 24 April 28 Charged $81 for a coat Made payment of $300 Charged $106 for DVDs Charged $37 for groceries
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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Transcribed Image Text:Use the average daily balance method to compute the finance charge on the
credit card account for the previous month. The starting balance and transactions
on the account for the month of April are given to the right. Assume an annual
interest rate of 18%.
The finance charge is $
(Round to the nearest cent as needed.)
CIT
Month: April (30 days); previous month's balance: $430
Charged $81 for a coat
Made payment of $300
Charged $106 for DVDs
Charged $37 for groceries
April 14
April 16
April 24
April 28
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