For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $464.30 January 12 Billing Date January 16 Returns January 21 Clothes January 26 Bus tickets February 4 Payment February 7 Flowers $102.74 $113.66 $69.74 $105 $67 29 (a) The average daily balance is S (Round to the nearest cent as needed.) (b) The finance charge is S (Round to the nearest cent as needed.) (c) The account balance for the next billing is S (Round to the nearest cent as needed.)
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing. Previous Balance: $464.30 January 12 Billing Date January 16 Returns January 21 Clothes January 26 Bus tickets February 4 Payment February 7 Flowers $102.74 $113.66 $69.74 $105 $67 29 (a) The average daily balance is S (Round to the nearest cent as needed.) (b) The finance charge is S (Round to the nearest cent as needed.) (c) The account balance for the next billing is S (Round to the nearest cent as needed.)
Chapter12: Current Liabilities
Section: Chapter Questions
Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...
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