You have a credit card that charges an interest rate of 16.4% compounded monthly. The table below shows your activity for the month of July. Date Activity Amount Balance July 1 Beginning Balance 577.55 July 9 Purchase 35.91 613.46 July 12 Payment -250.00 363.46 July 20 Purchase 85.63 449.09 July 24 Purchase 17.60 466.69 July 30 Purchase 37.88 504.57 July 31 Ending Balance 504.57 ****Open ABD Table and Enter Balance, Days held, and Interest Rate *** O ADB Table2 [-] What is the average daily balance for this account?

You have a credit card that charges an interest rate of 16.4% compounded monthly. The table below shows your activity for the month of July. Date Activity Amount Balance July 1 Beginning Balance 577.55 July 9 Purchase 35.91 613.46 July 12 Payment -250.00 363.46 July 20 Purchase 85.63 449.09 July 24 Purchase 17.60 466.69 July 30 Purchase 37.88 504.57 July 31 Ending Balance 504.57 **Open ABD Table and Enter Balance, Days held, and Interest Rate * O ADB Table2 [-] What is the average daily balance for this account?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 22MC: A company collects an honored note with a maturity date of 24 months from establishment, a 10%...

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