Asked by medlin
average daily balance . find the credit card finance charge for the month of august (31 days) the annual interest rate is 18%
July 31 balance $510
August 9 charge $86
August 10 payment $390
August 22 charge 147
August 27 charge $14
July 31 balance $510
August 9 charge $86
August 10 payment $390
August 22 charge 147
August 27 charge $14
Answers
Answered by
Brittany Brunson
Using the average daily balance method and the information given, find the credit card finance charge for the month of August (31 days). The annual interest rate is 18%.
July 31 Balance $320
August 5 Charge $90
August 12 Payment $240
August 17 Charge $191
August 29 Charge $27
July 31 Balance $320
August 5 Charge $90
August 12 Payment $240
August 17 Charge $191
August 29 Charge $27