You have a credit card that charges a monthly interest rate of 2%. The table below shows
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Question:
You have a credit card that charges a monthly interest rate of 2%. The table below shows your activity for the month of October.
| Date | Activity | Amount |
|---|---|---|
| October 1 | Beginning Balance | 869.09 |
| October 6 | Purchase | 30.7 |
| October 13 | Payment | −869.09 |
| October 17 | Purchase | 77.4 |
| October 25 | Purchase | 15.64 |
| October 26 | Purchase | 63.74 |
| October 31 | Closing date |
What is the interest charged on the unpaid balance from the previous month?
What is the statement balance due for the October billing period?
Expert Answer:
Answer a Interest charged on the unpaid balance from the previous month Beginning ... View the full answer
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