Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day billing cycle 9/16 Billing date Previous balance $ 2,400 9/19 Payment $ 64 cr. 9/30 Charge: Home Depot 1,700 10/3 Payment 64 cr. 10/7 Cash advance 74 Finance charge is 1.25% on average daily balance.
Calculate the average daily balance and finance charge. (Round your answers to the nearest cent.) 30-day billing cycle 9/16 Billing date Previous balance $ 2,400 9/19 Payment $ 64 cr. 9/30 Charge: Home Depot 1,700 10/3 Payment 64 cr. 10/7 Cash advance 74 Finance charge is 1.25% on average daily balance.
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
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. (Round your answers to the nearest cent.)
| 30-day billing cycle | |||||
| 9/16 | Billing date | Previous balance | $ 2,400 | ||
| 9/19 | Payment | $ | 64 cr. | ||
| 9/30 | Charge: Home Depot | 1,700 | |||
| 10/3 | Payment | 64 cr. | |||
| 10/7 | Cash advance | 74 | |||
Finance charge is 1.25% on average daily balance.
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