The table below shows the activity on the credit card statement of Miss Pepper Mills for...
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The table below shows the activity on the credit card statement of Miss Pepper Mills for the month of April. She started the month with a balance of $342.57. Amount Date Activity Location Payment $200.00 $26.37 $105.42 04/05 Payment 04/15 Charge Gas 04/22 Charge Macy's 04/25 Charge Starbuck's $4.24 a [4 pts] Find the average daily balance. b. [4 pts]If her card charges an 18.5% annual interest rate on her average daily balance, calculate Miss Pepper Mill's finance charge for the month of April. The table below shows the activity on the credit card statement of Miss Pepper Mills for the month of April. She started the month with a balance of $342.57. Amount Date Activity Location Payment $200.00 $26.37 $105.42 04/05 Payment 04/15 Charge Gas 04/22 Charge Macy's 04/25 Charge Starbuck's $4.24 a [4 pts] Find the average daily balance. b. [4 pts]If her card charges an 18.5% annual interest rate on her average daily balance, calculate Miss Pepper Mill's finance charge for the month of April.
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Average daily balance is basicaly the total balance at the end of ea... View the full answer
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
Posted Date:
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