Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $3,000 balance, 11%, $90 payment (a) previous balance method $ Correct: Your answer is correct. (b) adjusted balance method $ Incorrect: Your answer is incorrect. (c) average daily balance method $ Incorrect: Your answer is incorrect.
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.) $3,000 balance, 11%, $90 payment (a) previous balance method $ Correct: Your answer is correct. (b) adjusted balance method $ Incorrect: Your answer is incorrect. (c) average daily balance method $ Incorrect: Your answer is incorrect.
Chapter13: Long-term Liabilities
Section: Chapter Questions
Problem 1PB: Sub-Cinema Inc. borrowed $10,000 on Jan. 1 and will repay the loan with 12 equal payments made at...
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Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.)
$3,000 balance, 11%, $90 payment
(a) previous balance method
$
Correct: Your answer is correct.
(b) adjusted balance method
$
Incorrect: Your answer is incorrect.
(c) average daily balance method
$
Incorrect: Your answer is incorrect.
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