Question
You have a credit card that charges an interest rate of 14.55% compounded monthly using the adjusted balance method. The table below shows your
You have a credit card that charges an interest rate of 14.55% compounded monthly using the adjusted balance method. The table below shows your activity for the month of April. Date Activity Amount Balance April 1 Beginning Balance 500.00 April 6 Purchase 40.20 540.20 April 15 Payment -225.00 315.20 April 16 Purchase 88.25 403.45 April 20 Purchase 10.00 413.45 April 27 Purchase 33.50 446.95 April 30 Ending Balance 446.95 What is the adjusted balance for this account? What is the finance charge for the month of April?
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