Question
Lauras credit card has an APR of 12.04%, and it computes finance charges using the daily balance method and a 30-day billing cycle. On June
Lauras credit card has an APR of 12.04%, and it computes finance charges using the daily balance method and a 30-day billing cycle. On June 1st, Laura had a balance of $606.40. She made exactly one transaction in June: a payment of $55.25. If Lauras finance charge for June was $5.71, on which day did she make the payment?
| a. | June 8th |
| b. | June 12th |
| c. | June 15th |
| d. | June 20th |
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Fundamentals of Financial Management
Authors: Eugene F. Brigham
Concise 9th Edition
1305635937, 1305635930, 978-1305635937
