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A credit card bill for $ 5 0 0 was issued on November 1 4 th . During the next billing cycle, a purchase of

A credit card bill for $500 was issued on November 14th. During the next billing cycle, a
purchase of $50 was made on November 19th, a payment of $100 was made on November
25th, and another payment of $150 was made on November 30th.
a) Calculate the average daily balance for the bill issued on December 14th.
b) Using your answer from part a, calculate the finance charge on the bill issued on
December 14th. Assume that the annual interest rate is 8%.

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