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%. ..... Month: April (30 days); previous month's balance: $280 April 13 Charged $46 for a coat April 15 Made payment of $250 April 18 Charged $119 for DVDs April 22 Charged $12 for groceries The finance charge is $________ (Round to the nearest cent as needed.)
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%. ..... Month: April (30 days); previous month's balance: $280 April 13 Charged $46 for a coat April 15 Made payment of $250 April 18 Charged $119 for DVDs April 22 Charged $12 for groceries The finance charge is $________ (Round to the nearest cent as needed.)
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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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%.
.....
Month: April (30 days); previous month's balance:
$280
|
April 13
|
Charged
$46
for a coat |
|
April 15
|
Made payment of
$250
|
|
April 18
|
Charged
$119
for DVDs |
|
April 22
|
Charged
$12
for groceries |
The finance charge is
$________
(Round to the nearest cent as needed.)
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