Question

Asked Nov 6, 2019

On August 10, a credit card account had a balance of $335. A purchase of $52 was made on August 15, and $153 was charged on August 27. A payment of $77 was made on August 15. The interest on the average daily balance is 1.25% per month. Find the finance charge on the September 10 bill. (Round your answer to two decimal places.)

Step 1

The average daily balance can be calculated by dividing the number of days from the sum amount owed every day.

Step 2

Sum amount owed every day can be calculated as:

Step 3

Average daily balance w...

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