The unpaid balance at the start of a 28-day billing cycle was $981.72. A $6,000 purchase was made on the first day of the billing cycle and a $50 payment was credited to the account on day 21. How much interest will be charged at the end of the billing cycle? Assume that the annual interest rate on a credit card is 25.99% and interest is calculated by the average daily balance method. At the end of the billing cycle, $ will be charged in interest. (Round to the nearest cent as needed)

The unpaid balance at the start of a 28-day billing cycle was $981.72. A $6,000 purchase was made on the first day of the billing cycle and a $50 payment was credited to the account on day 21. How much interest will be charged at the end of the billing cycle? Assume that the annual interest rate on a credit card is 25.99% and interest is calculated by the average daily balance method. At the end of the billing cycle, $ will be charged in interest. (Round to the nearest cent as needed)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 11EB: Whole Leaves wants to upgrade their equipment, and on January 24 the company takes out a loan from...

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