Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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!

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

Step: 3

blur-text-image

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

An Introduction To Financial Markets A Quantitative Approach

Authors: Paolo Brandimarte

1st Edition

1118014774, 9781118014776

More Books

Students also viewed these Finance questions