The average daily balance of a credit card for the month of January was $1600 and the unpaid balance at the end of the month was $1250. If the annual percentage rate is 20.4% of the average daily balance, what is the total balance on the next billing date, February 17 Round your answer to the nearest cent. Provide your answer below:

The average daily balance of a credit card for the month of January was $1600 and the unpaid balance at the end of the month was $1250. If the annual percentage rate is 20.4% of the average daily balance, what is the total balance on the next billing date, February 17 Round your answer to the nearest cent. Provide your answer below:

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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