Assume the following credit statement for May 15- June 14, 2021: Previous Balance: May 20 Charges:...
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Assume the following credit statement for May 15- June 14, 2021: Previous Balance: May 20 Charges: $180 Payment $225 May 16 May 25 June 5 (c) (6 pts) Find the new balance on the credit card. $70 $156 $85 31 Days in Billing Cycle (a) (6 pts) Compute the average daily balance on the credit card for the statement period. (b) (3 pts) If the APR on the car is 14.79%, find the periodic interest rate. Assume the following credit statement for May 15- June 14, 2021: Previous Balance: May 20 Charges: $180 Payment $225 May 16 May 25 June 5 (c) (6 pts) Find the new balance on the credit card. $70 $156 $85 31 Days in Billing Cycle (a) (6 pts) Compute the average daily balance on the credit card for the statement period. (b) (3 pts) If the APR on the car is 14.79%, find the periodic interest rate.
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Answer rating: 100% (QA)
SOLUTION To compute the average daily balance on the credit card for the statement period we need to calculate the balance at the end of each day and ... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
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