In Problem assume that the annual interest rate on a credit card is 25.74% and interest is
Question:
In Problem assume that the annual interest rate on a credit card is 25.74% and interest is calculated by the average daily balance method.
The unpaid balance at the start of a 28-day billing cycle was $955.13. A $50 payment was credited to the account on day 21 of the billing cycle and a $5,000 purchase was made on the last day of the billing cycle. How much interest will be charged at the end of the billing cycle?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
To calculate the interest charged on a credit card using the average daily balance method we need to ...View the full answer
Answered By
BillClinton Muguai
I have been a tutor for the past 5 years. I have experience working with students in a variety of subject areas, including computer science, math, science, English, and history. I have also worked with students of all ages, from elementary school to college. In addition to my tutoring experience, I have a degree in education from a top university. This has given me a strong foundation in child development and learning theories, which I use to inform my tutoring practices.
I am patient and adaptable, and I work to create a positive and supportive learning environment for my students. I believe that all students have the ability to succeed, and it is my job to help them find and develop their strengths. I am confident in my ability to tutor students and help them achieve their academic goals.
0 Reviews
10+ Question Solved
Related Book For 
College Mathematics For Business Economics, Life Sciences, And Social Sciences
ISBN: 978-0134674148
14th Edition
Authors: Raymond Barnett, Michael Ziegler, Karl Byleen, Christopher Stocker
Question Posted:
