Question
16)A credit card statement showed these transactions during October. October 1 Previous balance $209.87 October 9 Purchases $20.26 October 29 Payment $110.00 The credit card
16)A credit card statement showed these transactions during October.
October 1 Previous balance $209.87
October 9 Purchases $20.26
October 29 Payment $110.00
The credit card has an interest rate of 8%
on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on
November 1. [Hint: Remember that October has 31 day
2) A credit card statement showed these transactions during October.
October 1 Previous balance $422.06
October 6 Purchases $51.31
October 16 Payment $190.00
The credit card has an interest rate of 13.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days]
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Financial Management Principles and Applications
Authors: Sheridan Titman, Arthur Keown, John Martin
12th edition
133423824, 978-0133423822
