Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.)

Question

$300 balance, 18%, $50 payment
(a) previous balance method
$

(b) adjusted balance method
$

(c) average daily balance method
$

Thank you

Answer 1

0.59