You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account
You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of 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 revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account.
![STATEMENT
July 1
July 5
July 9
July 17
July 25
$151.12
$153.29
$270.34
O $296.09
OF ACCOUNT Billing cycle: July 1-31
Previous month's balance
McDermott Engineering
Payment
Hi-Def Video (credit)
Sunny Flowers
$143.85
35.95
32.30
27.31
30.93](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Febd1e779-59f2-4aa0-bd52-8088526fdf53%2Ff1161c0a-f6f7-4b99-a95e-98dae771aa00%2Ffauzolp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:STATEMENT
July 1
July 5
July 9
July 17
July 25
$151.12
$153.29
$270.34
O $296.09
OF ACCOUNT Billing cycle: July 1-31
Previous month's balance
McDermott Engineering
Payment
Hi-Def Video (credit)
Sunny Flowers
$143.85
35.95
32.30
27.31
30.93
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