A credit card has an annual interest rate of 21.99%, and interest is calculated by the average

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A credit card has an annual interest rate of 21.99%, and interest is calculated by the average daily balance method. In a 30-day billing cycle, purchases of $56.75, $184.36, and $49.19 were made on days 12, 19, and 24, respectively, and a payment of $100.00 was credited to the account on day 10. If the unpaid balance at the start of the billing cycle was $842.67, 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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