If Parm's average daily balance on his credit card for the previous month was $8440, his...

 

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If Parm's average daily balance on his credit card for the previous month was $8440, his grace period 20 days, billing period 30 days, interest rate 19.8 percent calculated daily (not compounded), and he paid the full balance 6 days late, what would be the amount of Interest owing on the day of payment? (Submit answer to two decimal places (include pennies) and DO NOT add a negative (minus) sign.) Answer: If Parm's average daily balance on his credit card for the previous month was $8440, his grace period 20 days, billing period 30 days, interest rate 19.8 percent calculated daily (not compounded), and he paid the full balance 6 days late, what would be the amount of Interest owing on the day of payment? (Submit answer to two decimal places (include pennies) and DO NOT add a negative (minus) sign.) Answer:

Answer rating: 100% (QA)

We must figure out the average daily balance for the time between the end of ... View the full answer