If Parm's average daily balance on his credit card for the previous month was $8440, his grace period 20 days, billing period 30 days, interest rate 19.8 percent calculated daily (not compounded), and he paid the full balance 6 days late, what would be the amount of interest owing on the day of payment? (Submit answer to two decimal places (include pennies) and DO NOT add a negative (minus) sign.) Answer:

If Parm's average daily balance on his credit card for the previous month was $8440, his grace period 20 days, billing period 30 days, interest rate 19.8 percent calculated daily (not compounded), and he paid the full balance 6 days late, what would be the amount of interest owing on the day of payment? (Submit answer to two decimal places (include pennies) and DO NOT add a negative (minus) sign.) Answer:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 26Q: A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer...

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