16. Jolynn had an average daily balance of $415.22 on his May credit card statement. The bill showed that his APR was 21.6% and that his finance charge was $89.69. When he verified the finance charge, did he find it correct or incorrect? If it was incorrect, what is the correct finance charge? a. Incorrect; $7.47 b. Incorrect; $19.37 c. Incorrect; $1.61 d. Correct
16. Jolynn had an average daily balance of $415.22 on his May credit card statement. The bill showed that his APR was 21.6% and that his finance charge was $89.69. When he verified the finance charge, did he find it correct or incorrect? If it was incorrect, what is the correct finance charge? a. Incorrect; $7.47 b. Incorrect; $19.37 c. Incorrect; $1.61 d. Correct
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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16. Jolynn had an average daily balance of $415.22 on his May credit card statement. The
bill showed that his APR was 21.6% and that his finance charge was $89.69. When he
verified the finance charge, did he find it correct or incorrect? If it was incorrect, what
is the correct finance charge?
a. Incorrect; $7.47
b. Incorrect; $19.37
c. Incorrect; $1.61
d. Correct
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