Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

asap thank you Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper

asap thank you
image text in transcribed
image text in transcribed
Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge if interest is 1.5% per month on the average dally balance. Finally, find the new balance. The average daily balance is S (Round to the nearest cent) The finance charge is $ (Round to the nearest cent.) The new balance is S \begin{tabular}{|c|c|c|} \hline \multicolumn{2}{|c|}{\begin{tabular}{l} Previous Balance \\ Billing Date \end{tabular}} & \begin{tabular}{l} $634.12 \\ Mar. 13 \end{tabular} \\ \hline Date & Transaction & Amount \\ \hline Mar. 20 & Return & $67.98 \\ \hline Mar. 22 & Purchase & $113.89 \\ \hline Mar. 29 & Purchase & $65.12 \\ \hline Apr. 10 & Payment & $150 \\ \hline \end{tabular}

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

Theoretical Foundations For Quantitative Finance

Authors: Luca Spadafora, Gennady P Berman

1st Edition

9813202475, 978-9813202474

More Books

Students also viewed these Finance questions

Question

What do you think of the MBO program developed by Drucker?

Answered: 1 week ago