Question: Tutorial Exercise On August 10, a credit card account had a balance of $340. A purchase of $53 was made on August 15, and $164

Tutorial Exercise On August 10, a credit card account had a balance of $340. A purchase of $53 was made on August 15, and $164 was charged on August 27. A payment of $82 was made on August 15. The interest on the average daily balance is 1.24% per month. Find the finance charge on the September 10 bill. Step 1 Based on the data provided in the problem, complete the following table. Date Payment/Purchase Balance Days Balance x Days Aug 10-14 5 $1700 $340 $ Aug 15 53 0 $0 Aug 15-26 -82 S311 12 $3732 Aug 27-Sept 9 164 $475 14 $ $ Total Submit Skip (you cannot come back) 4. [-/1 Points) DETAILS AUFEXCE3 11.3.013. MY NOTES ASK YOUR TEACHER PRACTICE ANOTHER Use a calculator for this exercise. Chuong Ngo borrows $5400 from a bank that advertises a 9% simple interest rate and repays the loan in six equal monthly payments. Estimate the APR. Round to the nearest tenth of a percent. Use the Approximate Annual Percentage Rate Formula. %
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