Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

A credit card bill for $856.30 was due on July 15. The next due date was August 15. The table below shows purchases and payments

A credit card bill for $856.30 was due on July 15. The next due date was August 15. The table below shows purchases and payments made during that time. Date Purchase or payment Date Purchase or payment 7/19 115.54 8/6 126.94 7/24 29.19 8/7 59.85 7/25 110.61 8/7 107.65 7/26 35.97 8/8 141.35 7/26 53.59 8/8 51.96 7/27 86.56 8/9 142.09 7/29 400.00 8/10 48.14 7/30 29.22 8/11 85.60 8/4 73.11 8/13 144.54 8/5 21.52 8/14 105.58 Calculate the finance charge based on the average daily balance and an annual interest rate of 21.3%.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

More Books

Students also viewed these Finance questions