You have a credit card that charges an interest rate of 18.35% compounded monthly. The table below shows your activity for the month of December. Date Activity December 1 Beginning Balance December 6 Purchase December 13 Payment December 16 Purchase December 25 Purchase December 29 Purchase December 31 Ending Balance $ Amount Balance 560.21 45.01 605.22 355.22 447.62 463.01 507.32 507.32 -250.00 92.40 15.39 44.31 What is the average daily balance for this account? What is the finance charge for the month of December?

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
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You have a credit card that charges an interest rate of
18.35% compounded monthly. The table below shows your
activity for the month of December.
Date
Activity
December 1 Beginning Balance
December 6 Purchase
December 13 Payment
December 16
Purchase
December 25
Purchase
December 29 Purchase
December 31 Ending Balance
Amount Balance
560.21
45.01 605.22
355.22
447.62
463.01
507.32
507.32
-250.00
92.40
15.39
44.31
What is the average daily balance for this account?
What is the finance charge for the month of December?
Transcribed Image Text:You have a credit card that charges an interest rate of 18.35% compounded monthly. The table below shows your activity for the month of December. Date Activity December 1 Beginning Balance December 6 Purchase December 13 Payment December 16 Purchase December 25 Purchase December 29 Purchase December 31 Ending Balance Amount Balance 560.21 45.01 605.22 355.22 447.62 463.01 507.32 507.32 -250.00 92.40 15.39 44.31 What is the average daily balance for this account? What is the finance charge for the month of December?
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