Question
What is the average billing daily balance and finance charge (APR 15%) for the revolving credit account (assume a 30 day billing cycle)? Please fill
What is the average billing daily balance and finance charge (APR 15%) for the revolving credit account (assume a 30 day billing cycle)?
Please fill out the table attached.
| Billing Date | Previous Balance | Payment Date | Payment Amount | New Charge Date | New Charge Amount |
| 4/15 | $335.50 | 4/20 | $33.55 | ||
| 4/25 | $12.50 | ||||
| 4/26 | $108.00 |
Average daily balance:
Finance Charge:
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Answer Step 1 Daily Balances We know the starting balance on 415 33550 We assume no changes between ...
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Step: 2
Step: 3
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Financial Algebra advanced algebra with financial applications
Authors: Robert K. Gerver
1st edition
978-1285444857, 128544485X, 978-0357229101, 035722910X, 978-0538449670
