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Rajs credit card has a 16% interest rate, a 31-day bill cycle and charges finance charges using the average daily balance method including new purchases.
Rajs credit card has a 16% interest rate, a 31-day bill cycle and charges finance charges using the average daily balance method including new purchases.
Imagine the following things happened during the most recent billing cycle:
a. Rajs card has an initial balance of $316.
b. On Day 3, Raj buys Pizza for $22
c. On Day 12 Raj buys a new TV for $1,200.
d. On Day 25 Raj makes a payment to the credit card company for $900
When Raj gets his bill for this billing cycle, how much in total will he owe?
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