You have a credit card that charges an interest rate of 10.95% compounded monthly. The table below shows your activity for the month of April. Date April 1 April 3 April 9 April 20 April 24 April 26 April 30 Ending Balance Activity Beginning Balance Purchase $ Payment Purchase Purchase Purchase Amount Balance 1,175.00 35.70 1,210.70 910.70 1,002.70 1,017.70 1,082.40 1,082.40 -300.00 92.00 15.00 64.70 What is the average daily balance for this account?

You have a credit card that charges an interest rate of 10.95% compounded monthly. The table below shows your activity for the month of April. Date April 1 April 3 April 9 April 20 April 24 April 26 April 30 Ending Balance Activity Beginning Balance Purchase $ Payment Purchase Purchase Purchase Amount Balance 1,175.00 35.70 1,210.70 910.70 1,002.70 1,017.70 1,082.40 1,082.40 -300.00 92.00 15.00 64.70 What is the average daily balance for this account?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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