Use the unpaid balance method to find the finance charge on the credit card account for August. The starting balance from the previous month is $230. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 16% on the account and that the billing date is August 1st. The finance charge for the month of August is $ (Round to the nearest cent as needed.) Date August 7 August 13 August 16 August 22 Transaction Made payment of $90 Charged $150 for hiking boots Charged $18 for gasoline Charged $30 for restaurant meal
Use the unpaid balance method to find the finance charge on the credit card account for August. The starting balance from the previous month is $230. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 16% on the account and that the billing date is August 1st. The finance charge for the month of August is $ (Round to the nearest cent as needed.) Date August 7 August 13 August 16 August 22 Transaction Made payment of $90 Charged $150 for hiking boots Charged $18 for gasoline Charged $30 for restaurant meal
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
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Transcribed Image Text:13. Use the unpaid balance method to find the
finance charge on the credit card account for August. The
starting balance from the previous month is $230. The
transactions on the account for the month are given in the
table to the right. Assume an annual interest rate of 16% on
the account and that the billing date is August 1st.
The finance charge for the month of August is $
(Round to the nearest cent as needed.)
Date
August 7
August 13
August 16
August 22
Transaction
Made payment of $90
Charged $150 for hiking boots
Charged $18 for gasoline
Charged $30 for restaurant meal
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