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For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.1% 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: $479.66 January 10 Billing Date January 16 Returns January 21 Clothes January 27 Bus tickets February 4 Payment February 8 Flowers $104.46 $137.32 $86.61 $125 $63.35 (a) The average daily balance is $ (Round to the nearest cent as needed.) (b) The finance charge is $ (Round to the nearest cent as needed.) (c) The account balance for the next billing is $ (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 1.1% 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: $479.66 January 10 Billing Date January 16 Returns January 21 Clothes January 27 Bus tickets February 4 Payment February 8 Flowers $104.46 $137.32 $86.61 $125 $63.35 (a) The average daily balance is $ (Round to the nearest cent as needed.) (b) The finance charge is $ (Round to the nearest cent as needed.) (c) The account balance for the next billing is $ (Round to the nearest cent as needed.)

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
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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A) Find the average daily balance B) Find the monthly finance charge C) Find the account balance fot the next billing
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.1% 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: $479.66 January 10 Billing Date January 16 Returns January 21 Clothes January 27 Bus tickets February 4 Payment February 8 Flowers $104.46 $137.32 $86.61 $125 $63.35 (a) The average daily balance is $. (Round to the nearest cent as needed.) (b) The finance charge is $ (Round to the nearest cent as needed.) (c) The account balance for the next billing is $ (Round to the nearest cent as needed.)
Transcribed Image Text:For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.1% 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: $479.66 January 10 Billing Date January 16 Returns January 21 Clothes January 27 Bus tickets February 4 Payment February 8 Flowers $104.46 $137.32 $86.61 $125 $63.35 (a) The average daily balance is $. (Round to the nearest cent as needed.) (b) The finance charge is $ (Round to the nearest cent as needed.) (c) The account balance for the next billing is $ (Round to the nearest cent as needed.)
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