Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas’s average daily balance, finance charge, and new balance. 30-day billing cycle 9/2 Billing date $ 1,200 previous balance 9/7 Payment $ 100 cr. 9/13 Charge: Kohl’s $ 350 9/17 Payment $ 200 cr. 9/28 Charge: WalMart 50 Average daily balance Finance charge New balance
Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas’s average daily balance, finance charge, and new balance. 30-day billing cycle 9/2 Billing date $ 1,200 previous balance 9/7 Payment $ 100 cr. 9/13 Charge: Kohl’s $ 350 9/17 Payment $ 200 cr. 9/28 Charge: WalMart 50 Average daily balance Finance charge New 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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Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas’s average daily balance, finance charge, and new balance.
30-day billing cycle
9/2
Billing date
$
1,200
previous balance
9/7
Payment
$
100
cr.
9/13
Charge: Kohl’s
$
350
9/17
Payment
$
200
cr.
9/28
Charge: WalMart
50
Average daily balance
Finance charge
New balance
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