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Find the average daily balance for the billing period. Round to the nearest cent The average daily balance for the billing period is $__

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter9: Current Liabilities, Contingencies, And The Time Value Of Money

Section: Chapter Questions

Problem 9.6E

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Question

The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.2% of the average daily balance. a. Find the average daily balance for the billing period. Round to the nearest cent The average daily balance for the billing period is $__

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