Question
At the beginning of December, Jordan had a balance due of $375.46 on her credit card. The transactions during the following month were: December 16
At the beginning of December, Jordan had a balance due of $375.46 on her credit card. The transactions during the following month were:
December 16 Charge: curtains $378
December 20 Payment $110.45
December 28 Charge: tires $207.08
The annual interest rate on the card is 14%. Using the average dally balance method, find the finance charge and the minimum payment due on the monthly statement if the credit card issuer requires 3.5% for a minimum payment.
What is the average daily balance?
Determine the finance charge.
Find the minimum payment due.
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