. Consider the following credit card statement for the period June 1-June 30. The credit card...
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. Consider the following credit card statement for the period June 1-June 30. The credit card charges 2.2% interest at the end of the month based on the average daily balance. Calculate the interest charge at the end of the month and the new balance going into the next month. Date Transaction Amount June 1 Previous Balance $289.21 June 3 Payment -$95.00 June 10 AMC Theater $24.37 (a) Calculate the average daily balance. (5 points) Current Balance (c) Calculate the new balance. (3 points) # Days (b) Calculate the finance charge added at the end of the month. (3 points) . Consider the following credit card statement for the period June 1-June 30. The credit card charges 2.2% interest at the end of the month based on the average daily balance. Calculate the interest charge at the end of the month and the new balance going into the next month. Date Transaction Amount June 1 Previous Balance $289.21 June 3 Payment -$95.00 June 10 AMC Theater $24.37 (a) Calculate the average daily balance. (5 points) Current Balance (c) Calculate the new balance. (3 points) # Days (b) Calculate the finance charge added at the end of the month. (3 points)
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A Date Transactions Amount Current balance days daily balances June 1 Previous balance 28921 28921 200 57842 June 3 Payment 9500 19421 700 135947 June 10 AMC Theater 2437 21858 2100 459018 Total 652807 Average daily balance ... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-1259024900
9th canadian edition
Authors: Ray Garrison, Theresa Libby, Alan Webb
Posted Date:
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