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You have a credit card that charges an interest rate of 16.15% compounded monthly. The table below shows your activity for the month of April.
You have a credit card that charges an interest rate of 16.15% compounded monthly. The table below shows your activity for the month of April.
Date | Activity | Amount | Balance |
---|---|---|---|
April 1 | Beginning Balance | 1,150.00 | |
April 6 | Purchase | 30.50 | 1,180.50 |
April 13 | Payment | 225.00 | 955.50 |
April 17 | Purchase | 86.25 | 1,041.75 |
April 22 | Purchase | 20.00 | 1,061.75 |
April 23 | Purchase | 62.70 | 1,124.45 |
April 30 | Ending Balance | 1,124.45 |
What is the average daily balance for this account? $ What is the finance charge for the month of April? $
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