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thank you Consider the following case: X s On August 1, Valerie's credit card has a balance of $10,127.25. According to the terms of the
thank you
Consider the following case: X s On August 1, Valerie's credit card has a balance of $10,127.25. According to the terms of the card's lending agreement, an interest rate of 14% per year is assessed and the monthly finance charges are calculated using the Average Dally Balance (ADB) including purchases method During the month, Valerie expects to make the purchases listed below and will make a payment of $759,54 on August 23, and has collected the following additional Information: Date August 6 August 13 August 21 August 26 Purchases $245.31 1,940,83 130.41 212.85 ma Additional Information Monthly interest rate 1.17 Beginning card balance $10,127.25 Days in the month 31 Use the following table to help Valerie estimate her monthly interest charge for August. Dates 8/2 - 8/6 Calculated Value Number of Days Daily Balance 5 $10,127.25 7 8/7-8/13 8 8/14 - 8/21 8/22 - 8/23 8/24 - 8/26 8/27 - 8/1 2 3 6 31 Total Average Daily Balance With Purchases Finance Charge One wayby which Valerie can reduce her finance charges, everything else remaining constant, is to: Make more, even more expensive purchases. Request a lower interest rate on her credit card. Make smaller payments Step by Step Solution
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