Blake Miller recently received his monthly MasterCard bill for the period June 1-30, 2021, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 23 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows: Previous Balance: $303 Purchases: Payments: June 4 $111 June 21 $35 June 12 $45 June 20 $127 June 26 $43 What are his ADB and finance charges for the period? (Use a table like the one in Exhibit 6.7 for your calculations.) Round the answers to the nearest cent. ADB: $ Finance charges: $
Blake Miller recently received his monthly MasterCard bill for the period June 1-30, 2021, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 23 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows: Previous Balance: $303 Purchases: Payments: June 4 $111 June 21 $35 June 12 $45 June 20 $127 June 26 $43 What are his ADB and finance charges for the period? (Use a table like the one in Exhibit 6.7 for your calculations.) Round the answers to the nearest cent. ADB: $ Finance charges: $
Chapter5: Introduction To Business Expenses
Section: Chapter Questions
Problem 61P
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Question
Blake Miller recently received his monthly MasterCard bill for the period June 1-30, 2021, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 23 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows:
| Previous Balance: | $303 | |||
| Purchases: | Payments: | |||
| June 4 | $111 | June 21 | $35 | |
| June 12 | $45 | |||
| June 20 | $127 | |||
| June 26 | $43 |
What are his ADB and finance charges for the period? (Use a table like the one in Exhibit 6.7 for your calculations.) Round the answers to the nearest cent.
ADB: $
Finance charges: $
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