A credit card statement showed these transactions during October October 1 Previous balance$342.73 October 15 Purchases$60.13 October

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A credit card statement showed these transactions during October October 1 Previous balance$342.73 October 15 Purchases$60.13 October 19 Payment$155.00 The credit card has an interest rate of 17.5%on the average daily balance.

Requirement :

Find the average daily balance, the finance charge for the month, and the new balance on November 1.

Related Book For answer-question

Mechanics of Materials

ISBN: 978-0495438076

7th edition

Authors: James M. Gere, Barry J. Goodno

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Posted Date: Dec 23, 2023 02:06 AM

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A credit card statement showed these transactions during October October 1 Previous balance$342.73 October 15 Purchases$60.13 October

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Expert Answer:

Average Daily Balance October 114 15 days Dailybalance34273601315500Dai... View the full answer

Mechanics of Materials

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