Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A credit card bill for $856.35 was due on July 15. The next due date was August 15. The table below shows purchases and
A credit card bill for $856.35 was due on July 15. The next due date was August 15. The table below shows purchases and payments made during that time. Purchase Purchase Date Date or payment or payment 7/19 115.64 8/6 126.89 7/24 29.09 8/7 59.95 7/25 110.46 8/7 107.50 7/26 35.97 8/8 141.20 7/26 53.49 8/8 51.91 7/27 86.36 8/9 142.14 7/29 -425.00 8/10 48.19 7/30 29.07 8/11 85.75 8/4 73.11 8/13 144.54 8/5 21.62 8/14 105.58 Calculate the finance charge based on the average daily balance and an annual interest rate of 20.7%. (Round your answer to the nearest cent.)
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