Question
The activity on a credit card account for one billing period is shown below. Find the average daily balance and finance charge if the billing
The activity on a credit card account for one billing period is shown below. Find the average daily balance and finance charge if the billing period is March 3 through April 2. The previous balance on the account is $209.46 and the annual interest rate is 22.3%. Use your completed table from the previous question to answer the questions below.
Date | Activity | Amount |
March 12th | Payment | $50.00 |
March 17th | Clothes purchase | $28.46 |
March 20th | Car repairs | $31.22 |
April 1st | Text book purchase | $59.10 |
A) Find the average daily balance (ADB). Round your answer off to the nearest cent!
B) Find the monthly finance charge (interest). Round your answer off to the nearest cent!
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