Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On August 10, a credit card account had a balance of $325. A purchase of $62 was made on August 15, and $167 was charged

On August 10, a credit card account had a balance of $325. A purchase of $62 was made on August 15, and $167 was charged on August 27. A payment of $71 was made on August 15. The interest on the average daily balance is 1.45% per month. Find the finance charge on the September 10 bill. (Round your answer to two decimal places.)

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Investments

Authors: Zvi Bodie, Alan J. Marcus, Alex Kane

6th Edition

0072861789, 9780072861785

More Books

Students also viewed these Finance questions

Question

What electives would you recommend? Why?

Answered: 1 week ago

Question

How is social networking used in informal training?

Answered: 1 week ago

Question

What are some career development methods?

Answered: 1 week ago