Naoko has these daily balances on his credit card for September's billing period. He paid his balance
Question:
Two days @ $99.78
Fifteen days @ $315.64
Eleven days @ $515.64
Two days @ $580.32
a. His APR is 15.4%. How much is the finance charge on his September bill?
b. Does the credit card company need to calculate his average daily balance? Explain.
c. Naoko calculated his average daily balance to be $377.85. Is he correct? If not, what was his average daily balance?
d. What mistake did Naoko make when calculating this average daily balance?
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a 0 he paid his bill in full the previous month b Because Naoko paid his balance in full ther...View the full answer
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Related Book For 
Financial Algebra advanced algebra with financial applications
ISBN: 978-0538449670
1st edition
Authors: Robert K. Gerver
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