30-day billing cycle 9/2 Billing Date Previous Balance $2,000 9/5 Payment $70 9/8 Charge: Home Depot $1,500 9/26 Payment $60 10/1 Cash Advance $70 Finance
30-day billing cycle
9/2 Billing Date Previous Balance $2,000
9/5 Payment $70
9/8 Charge: Home Depot $1,500
9/26 Payment $60
10/1 Cash Advance $70
Finance Charge is 1 1/2% on average daily balance
1) What is the average daily balance?
2) What is the finance charge?
3) What is the YEARLY interest rate on this credit card?
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Authors: Paula H. Song, Kristin L. Reiter
4th Edition
1640553223, 978-1640553224
