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An unpaid credit card bill for $656.95 had a due date of May 8. Purchases of $385 were made on May 15, $122.78 on May 17, and $59.67 was charged on June 2. A payment of $350 was made on May 25. Find the finance charge due on June 8 if the interest rate on the average daily balance is 1.4%.

An unpaid credit card bill for $656.95 had a due date of May 8. Purchases of $385 were made on May 15, $122.78 on May 17, and $59.67 was charged on June 2. A payment of $350 was made on May 25. Find the finance charge due on June 8 if the interest rate on the average daily balance is 1.4%.

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter6: Cash And Receivables
Section: Chapter Questions
Problem 10RE: On December 1 of the current year, Jordan Inc. assigns 125,000 of its accounts receivable to...
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An unpaid credit card bill for $656.95 had a due date of May 8. Purchases of $385 were made on May 15, $122.78 on May 17, and $59.67 was charged on June 2. A payment of $350 was made on May 25. Find the finance charge due on June 8 if the interest rate on the average daily balance is 1.4%.
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