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For the credit card account below, compute the average daily balance, the finance charge, and the account balance for the next billing. Assume the
For the credit card account below, compute the average daily balance, the finance charge, and the account balance for the next billing. Assume the account is billed on the same date each month and that the annual interest rate is 18%. This credit card company calculates the finance charge on the average daily balance, but of a year instead of using the number of days in the month. they consider each month Previous Balance: $1045 1 12 March 15 Billing Date March 23 Flowers $106 March 30 Payment $81 April 1 Groceries $86 April 8 Returns $50 April 11 Concert Tickets $138 Average Daily Balance: Finance Charge: Account Balance for the Next Billing:
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