Advanced Math Contemporary Mathematics for Business & Consumers Mel Arrandt has a Bank of America account with a 13 % annual percentage rate calculated on the average daily balance. The billing date is the first day of each month, and the billing cycle is the number of days in that month. a. What is the average daily balance for September? b. What is the finance charge for September? c. What is Mel’s new balance?

Mel Arrandt has a Bank of America account with a 13 % annual percentage rate calculated on the average daily balance. The billing date is the first day of each month, and the billing cycle is the number of days in that month. a. What is the average daily balance for September? b. What is the finance charge for September? c. What is Mel’s new balance?

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Contemporary Mathematics for Busin...

8th Edition

Robert Brechner + 1 other

Publisher: Cengage Learning

ISBN: 9781305585447

Chapter 13, Problem 5AT

Textbook Problem

Mel Arrandt has a Bank of America account with a 13 % annual percentage rate calculated on the average daily balance. The billing date is the first day of each month, and the billing cycle is the number of days in that month.

a. What is the average daily balance for September?

b. What is the finance charge for September?

c. What is Mel’s new balance?

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Chapter 13 Solutions

Contemporary Mathematics for Business & Consumers

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