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
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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![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?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F821086ed-6eae-43c8-985a-f958464543dc%2F06ca65a8-10f2-405b-b5ef-65dd341598c0%2Fac62dsb_processed.jpeg&w=3840&q=75)
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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