Question
18. The balance on the Wooten's credit card on June 12, their billing date, was $402.90. For the period ending on (but not including) June
18. The balance on the Wooten's credit card on June 12, their billing date, was $402.90. For the period ending on (but not including) June 12, they had the following transactions:
June 13Charge: Tires$857.62
June 15Payment$275.00
July 1Charge: Clothing$38.09
July 8Charge: Dinner$32.16
And the Average Daily Balance was $969.84
a)Calculate the finance charge to be paid on July 12. The card has an APR of 22.1%.
(Hint: The number of days in the billing cycle is 30)
b)Find the New Balance on July 12.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Foundations of Financial Management
Authors: Stanley Block, Geoffrey Hirt, Bartley Danielsen
16th edition
125927716X, 978-1259687969, 1259687961, 978-1259277160
