An account had a balance of P7,000 and paid P3,500 on the November 7 due date. A purchase of P2,000 was made on November 10, and a payment of P2,300 was made on November 16. The interest on the average daily balance is 2.7% per month. Find the finance charge on the November 18 bill.
An account had a balance of P7,000 and paid P3,500 on the November 7 due date. A purchase of P2,000 was made on November 10, and a payment of P2,300 was made on November 16. The interest on the average daily balance is 2.7% per month. Find the finance charge on the November 18 bill.
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 24Q: Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms...
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An account had a balance of P7,000 and paid P3,500 on the November 7 due date. A purchase of P2,000 was made on November 10, and a payment of P2,300 was made on November 16. The interest on the average daily balance is 2.7% per month. Find the finance charge on the November 18 bill.
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