Calculate the average daily balance and finance charge on the statement below. Note: Round your answers to the nearest cent. 30-day billing cycle 9/16 Billing date Previous balance $ 2,500 9/19 Payment $ 65 Credit 9/30 Charge: Home Depot 1,750 10/3 Payment 65 Credit 10/7 Cash advance 75 Finance charge is 1% on average daily balance. What is the average daily balance? What is the finance charge?
Calculate the average daily balance and finance charge on the statement below. Note: Round your answers to the nearest cent. 30-day billing cycle 9/16 Billing date Previous balance $ 2,500 9/19 Payment $ 65 Credit 9/30 Charge: Home Depot 1,750 10/3 Payment 65 Credit 10/7 Cash advance 75 Finance charge is 1% on average daily balance. What is the average daily balance? What is the finance charge?
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
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ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
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Chapter4: Managing Your Cash And Savings
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Problem 5FPE: Calculating the net costs of checking accounts. Determine the annual net cost of these checking...
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Calculate the average daily balance and finance charge on the statement below.
Note: Round your answers to the nearest cent.
| 30-day billing cycle | ||||
| 9/16 | Billing date | Previous balance | $ 2,500 | |
|---|---|---|---|---|
| 9/19 | Payment | $ 65 Credit | ||
| 9/30 | Charge: Home Depot | 1,750 | ||
| 10/3 | Payment | 65 Credit | ||
| 10/7 | Cash advance | 75 |
Finance charge is 1% on average daily balance.
What is the average daily balance?
What is the finance charge?
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