For the credit card account, assume one month between billing dates and interest of 1.6% per month on the daily average balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous balance: $562 November 4 Billing date November 15 Payment $400 November 18 Groceries $350 November 20 Train card $190 December 1 Holiday shopping $320
For the credit card account, assume one month between billing dates and interest of 1.6% per month on the daily average balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous balance: $562 November 4 Billing date November 15 Payment $400 November 18 Groceries $350 November 20 Train card $190 December 1 Holiday shopping $320
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 4P
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1. For the credit card account, assume one month between billing dates and interest of 1.6% per month on the daily average balance.
Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing.
Previous balance: $562
November 4 Billing date
November 15 Payment $400
November 18 Groceries $350
November 20 Train card $190
December 1 Holiday shopping $320
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