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Show Calculations! Janet received her monthly billing statement for May for her MasterCard account. The statement indicated that she had a beginning balance of $600,
Show Calculations!
Janet received her monthly billing statement for May for her MasterCard account. The statement indicated that she had a beginning balance of $600,
1.on day 5 she spent $300,
2. on day 10 she spent $300,
3. On Day 15 she paid 150 of her debts.
Out of curiosity, Kayla wanted to confirm that the finance charge for the billing cycle was correct (assume a 30-day month and that the card balance is actually reduced on the day the payment is made)
(a)What was Kaylas average daily balance for May with new purchases?
(b)What was her finance charge on the balance in part (a) if her APR is 15 percent?
Janet received her monthly billing statement for May for her MasterCard account. The statement indicated that she had a beginning balance of $600,
1.on day 5 she spent $300,
2. on day 10 she spent $300,
3. On Day 15 she paid 150 of her debts.
Out of curiosity, Kayla wanted to confirm that the finance charge for the billing cycle was correct (assume a 30-day month and that the card balance is actually reduced on the day the payment is made)
(a)What was Kaylas average daily balance for May with new purchases?
(b)What was her finance charge on the balance in part (a) if her APR is 15 percent?
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Public Finance
Authors: Laurence S. Seidman
1st Edition
0073375748, 978-0073375748
