A Master card account for one billing period is given below.

January 30	payment	700.00
February 3	shoes	378.00
February 17	books	640.00

If the billing cycle is January 25 through February 24 (there are 31 days in January), and there was a previous balance of $750, and the annual interest rate is 12% find the following:

1) the average daily balance

2) the finance charge

For each answer give a short explanation of your solution. I can give you partial credit for explaining your steps even if your answer is incorrect.

Answer rating: 100% (QA)

Average balance 5days7504days... View the full answer