You owe $190 on your credit card. Your average daily balance is $96, thebilling cycle is 30 days, and the interest rate on the credit card is 18%.What is your interest charge?

Average Daily Balance method Finance charges on your credit card is calculated using average Daily…

Answered: You owe $190 on your credit card.…

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Accounting

You owe $190 on your credit card. billing cycle is 30 days, and the int What is your interest charge?

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)

7th Edition

ISBN:9780357033609

Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk

Chapter6: Using Credit

Section: Chapter Questions

Problem 8FPE

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Question

You owe $190 on your credit card. Your average daily balance is $96, the
billing cycle is 30 days, and the interest rate on the credit card is 18%.
What is your interest charge?

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