A credit card has an annual interest rate of 16.99%, and interest is calculated by the average
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A credit card has an annual interest rate of 16.99%, and interest is calculated by the average daily balance method. In a 30-day billing cycle, purchases of $345.86 and $246.71 were made on days 9 and 16, respectively, and a payment of $500.00 was credited to the account on day 15. If the unpaid balance at the start of the billing cycle was $1,792.19, how much interest will be charged at the end of the billing cycle? What will the unpaid balance be at the start of the next billing cycle?
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Finite Mathematics For Business Economics Life Sciences And Social Sciences
ISBN: 9780134862620
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
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