Question
At the beginning of September, Jack had a balance due of $1200.27 on his credit card. The transactions for the month were: September 5 Payment
At the beginning of September, Jack had a balance due of $1200.27 on his credit card. The transactions for the month were:
September 5 Payment $250
September 15 Charge: laptop $750
September 25 Charge: gas $25.68
The annual interest rate on the card is 16%. Using the average daily balance method, find the finance charge and the minimum payment due on the month if the credit card issuer requires 3% for a minimum payment. Use this information for the remaining problems.
What is the average daily balance?
Determine the finance charge?
Find the minimum payment due?
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South Western Federal Taxation 2018 Essentials Of Taxation Individuals And Business Entities
Authors: William A. Raabe, James C. Young, Annette Nellen, David M. Maloney
21st Edition
978-0357109175, 978-1337386173
