Question
A credit card statement showed these transactions during October. October 1 Previous balance $292.47 October 8 Purchases $62.17 October 26 Payment $185.00 The credit card
A credit card statement showed these transactions during October.
October 1 Previous balance $292.47
October 8 Purchases $62.17
October 26 Payment $185.00
The credit card has an interest rate of 4.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.] Round to the nearest cent.
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Financial And Managerial Accounting
Authors: Jan R. Williams, Joseph V. Carcello, Mark S. Bettner, Sue Haka, Susan F. Haka
14th International Edition
0071101217, 9780071101219
