The billing cycle for Mr. Lang’s credit card begins on September 8 and ends on October 7. He is carrying a balance of $458 from the previous billing cycle. During the current billing period, the following transactions occurred. The annual interest rate is 19% (September has 30 days). Find the average daily balance and the finance charge. Post date Description Amount Sept 18 Payment $35.00 Sept 26 Purchase $125 Oct 3 Purchase $84 Date Range
The billing cycle for Mr. Lang’s credit card begins on September 8 and ends on October 7. He is carrying a balance of $458 from the previous billing cycle. During the current billing period, the following transactions occurred. The annual interest rate is 19% (September has 30 days). Find the average daily balance and the finance charge. Post date Description Amount Sept 18 Payment $35.00 Sept 26 Purchase $125 Oct 3 Purchase $84 Date Range
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
ChapterD: Notes Payable And Notes Receivable
Section: Chapter Questions
Problem 5P
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The billing cycle for Mr. Lang’s credit card begins on September 8 and ends on October 7. He is carrying a balance of $458 from the previous billing cycle. During the current billing period, the following transactions
occurred. The annual interest rate is 19% (September has 30 days). Find the average daily balance and the finance charge.
Post date Description Amount
Sept 18 Payment $35.00
Sept 26 Purchase $125
Oct 3 Purchase $84
Date Range | |||
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