You have a credit card that charges an interest rate of 18.35% compounded monthly. The table below shows your activity for the month of December. Date Activity December 1 Beginning Balance December 6 Purchase December 13 Payment December 16 Purchase December 25 Purchase December 29 Purchase December 31 Ending Balance $ Amount Balance 560.21 45.01 605.22 355.22 447.62 463.01 507.32 507.32 -250.00 92.40 15.39 44.31 What is the average daily balance for this account? What is the finance charge for the month of December?
You have a credit card that charges an interest rate of 18.35% compounded monthly. The table below shows your activity for the month of December. Date Activity December 1 Beginning Balance December 6 Purchase December 13 Payment December 16 Purchase December 25 Purchase December 29 Purchase December 31 Ending Balance $ Amount Balance 560.21 45.01 605.22 355.22 447.62 463.01 507.32 507.32 -250.00 92.40 15.39 44.31 What is the average daily balance for this account? What is the finance charge for the month of December?
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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