The ending balance on Scotty's credit card last month was $853.00. He only paid $45.00, so a finance charge of $11.00 was added to his account. Both his payment and the fee were posted on September 10. His billing period is September 10 - October 9. On September 20, he charged $50.00. On September 27, he charged $78.00. His interest rate is 29%. 1.Calculate his average daily balance for the period. 2.How much will his finance charge be?

The ending balance on Scotty's credit card last month was $853.00. He only paid $45.00, so a finance charge of $11.00 was added to his account. Both his payment and the fee were posted on September 10. His billing period is September 10 - October 9. On September 20, he charged $50.00. On September 27, he charged $78.00. His interest rate is 29%. 1.Calculate his average daily balance for the period. 2.How much will his finance charge be?

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter3: Income Sources

Section: Chapter Questions

Problem 79P

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