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You have a credit card that charges an interest rate of 16.4% compounded monthly. The table below shows your activity for the month of July. Date Activity Amount Balance July 1 Beginning Balance 577.55 July 9 Purchase 35.91 613.46 July 12 Payment -250.00 363.46 July 20 Purchase 85.63 449.09 July 24 Purchase 17.60 466.69 July 30 Purchase 37.88 504.57 July 31 Ending Balance 504.57 ****Open ABD Table and Enter Balance, Days held, and Interest Rate *** O ADB Table2 [-] What is the average daily balance for this account?

You have a credit card that charges an interest rate of 16.4% compounded monthly. The table below shows your activity for the month of July. Date Activity Amount Balance July 1 Beginning Balance 577.55 July 9 Purchase 35.91 613.46 July 12 Payment -250.00 363.46 July 20 Purchase 85.63 449.09 July 24 Purchase 17.60 466.69 July 30 Purchase 37.88 504.57 July 31 Ending Balance 504.57 ****Open ABD Table and Enter Balance, Days held, and Interest Rate *** O ADB Table2 [-] What is the average daily balance for this account?

Essentials Of Investments
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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You have a credit card that charges an interest rate of 16.4% compounded mnonthly. The table below shows your activity for the month of July. Date Activity Amount Balance July 1 Beginning Balance 577.55 July 9 Purchase 35.91 613.46 July 12 Payment -250.00 363.46 July 20 Purchase 85.63 449.09 July 24 Purchase 17.60 466.69 July 30 Purchase 37.88 504.57 July 31 Ending Balance 504.57 ****Open ABD Table and Enter Balance, Days held, and Interest Rate *** O ADB Table2 [+] What is the average daily balance for this account? What is the finance charge for the month of July? What will the new months starting balance be?
Transcribed Image Text:You have a credit card that charges an interest rate of 16.4% compounded mnonthly. The table below shows your activity for the month of July. Date Activity Amount Balance July 1 Beginning Balance 577.55 July 9 Purchase 35.91 613.46 July 12 Payment -250.00 363.46 July 20 Purchase 85.63 449.09 July 24 Purchase 17.60 466.69 July 30 Purchase 37.88 504.57 July 31 Ending Balance 504.57 ****Open ABD Table and Enter Balance, Days held, and Interest Rate *** O ADB Table2 [+] What is the average daily balance for this account? What is the finance charge for the month of July? What will the new months starting balance be?
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