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
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ChapterD: Notes Payable And Notes Receivable
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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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