Your credit card has a balance of $1,100. Its interest rate is 20.5%. You have stopped using the card, because you don't want to go any deeper into debt. Each month, you make the minimum required payment. Your credit card issuer recently changed their minimum required payment policy, in response to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. As a result, your minimum required payment is $52. (Round your answers to the nearest cent.)b) During the October 10 through November 9 billing period, you pay the minimum required payment on October 25th. Find the average daily balance, the finance charge and the new balance. (The new balance includes the finance charge.) average daily balance $ finance charge $ new balance $
Your credit card has a balance of $1,100. Its interest rate is 20.5%. You have stopped using the card, because you don't want to go any deeper into debt. Each month, you make the minimum required payment. Your credit card issuer recently changed their minimum required payment policy, in response to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. As a result, your minimum required payment is $52. (Round your answers to the nearest cent.)b) During the October 10 through November 9 billing period, you pay the minimum required payment on October 25th. Find the average daily balance, the finance charge and the new balance. (The new balance includes the finance charge.) average daily balance $ finance charge $ new balance $
Glencoe Algebra 1, Student Edition, 9780079039897, 0079039898, 2018
18th Edition
ISBN:9780079039897
Author:Carter
Publisher:Carter
Chapter7: Exponents And Exponential Functions
Section: Chapter Questions
Problem 68SGR
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Question
Your credit card has a balance of $1,100. Its interest rate is 20.5%. You have stopped using the card, because you don't want to go any deeper into debt. Each month, you make the minimum required payment. Your credit card issuer recently changed their minimum required payment policy, in response to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. As a result, your minimum required payment is $52. (Round your answers to the nearest cent.)b) During the October 10 through November 9 billing period, you pay the minimum required payment on October 25th. Find the average daily balance, the finance charge and the new balance. (The new balance includes the finance charge.)
| average daily balance | $ |
| finance charge | $ |
| new balance | $ |
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