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 $1,837.23. Purchases of $126.54 and $52.89 were made on days 21 and 27, respectively, and a payment of $100 was credited to the account on day 20. Find the unpaid balance at the end of the billing cycle.

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Days 119 183723 days 2021 173723 days 222...View the full answer

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