Question
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% per month on the
For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6%
per month on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing.
Previous Balance: $484.59
January 13 Billing Date
January 15 Returns $104.85
January 21 Clothes $114.66
January 27 Bus tickets $68.71
February 3 Payment $135
February 6 Flowers $53.13
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An Introduction to the Mathematics of financial Derivatives
Authors: Salih N. Neftci
2nd Edition
978-0125153928, 9780080478647, 125153929, 978-0123846822
