Question: Joel Bastos recently received his monthly MasterCard bill for the

Joel Bastos recently received his monthly MasterCard bill for the period June 1–30, 2015, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 15 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows:
Previous Balance: ...... $386
Purchases:
June 4 .......... $137
June 12 .......... 78
June 20 .......... 98
June 26 .......... 75

Payments:
June 21 ........... $35

What is his ADB and the finance charge for the period?


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  • CreatedFebruary 13, 2015
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