What is the average billing daily balance and finance charge (APR 15%) for the revolving credit account
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Question:
What is the average billing daily balance and finance charge (APR 15%) for the revolving credit account (assume a 30 day billing cycle)?
Please fill out the table attached.
Billing Date | Previous Balance | Payment Date | Payment Amount | New Charge Date | New Charge Amount |
4/15 | $335.50 | 4/20 | $33.55 | ||
4/25 | $12.50 | ||||
4/26 | $108.00 |
Average daily balance:
Finance Charge:
Related Book For
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
Posted Date: