You have a credit card that charges an interest rate of 15.8% compounded monthly. The table below shows your activity for the month of April. Date Activity Amount Balance April 1 Beginning Balance 975.00 April 6 Purchase 46.10 1,021.10 April 13 Payment −250.00 771.10 April 16 Purchase 81.50 852.60 April 22 Purchase 12.00 864.60 April 26 Purchase 30.20 894.80 April 30 Ending Balance 894.80 What is the average daily balance for this account? $ What is the finance charge for the month of April
You have a credit card that charges an interest rate of 15.8% compounded monthly. The table below shows your activity for the month of April. Date Activity Amount Balance April 1 Beginning Balance 975.00 April 6 Purchase 46.10 1,021.10 April 13 Payment −250.00 771.10 April 16 Purchase 81.50 852.60 April 22 Purchase 12.00 864.60 April 26 Purchase 30.20 894.80 April 30 Ending Balance 894.80 What is the average daily balance for this account? $ What is the finance charge for the month of April
Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
Problem 1PS
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You have a credit card that charges an interest rate of 15.8% compounded monthly. The table below shows your activity for the month of April.
| Date | Activity | Amount | Balance |
|---|---|---|---|
| April 1 | Beginning Balance | 975.00 | |
| April 6 | Purchase | 46.10 | 1,021.10 |
| April 13 | Payment | −250.00 | 771.10 |
| April 16 | Purchase | 81.50 | 852.60 |
| April 22 | Purchase | 12.00 | 864.60 |
| April 26 | Purchase | 30.20 | 894.80 |
| April 30 | Ending Balance | 894.80 |
What is the average daily balance for this account?
$
What is the finance charge for the month of April?
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