Question: You don t pay off your credit card balance in full. Over the next month, you have an average daily balance of $ 3 ,

You don

t pay off your credit card balance in full. Over the next month, you have an average daily balance of $

3, 528

on your credit card over a

30 -

day billing cycle. If the credit card APR is

19 %

with interest compounded daily, what is the interest charge at the end of the billing cycle? Don't round intermediate calculations. Enter your answer in dollars and cents

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!

You don t pay off your credit card balance in full. Over the next month, you have an average daily balance of $ 5 , 1 2 5 on your credit card over a 3 0 - day billing cycle. If the credit card APR is...

Help please I keep getting the problem wrong. You don t pay off your credit card balance in full. Over the next month, you have an average daily balance of $ 3 , 5 2 8 on your credit card over a 3 0...

questjon number 4 : regina pays her credit card balance in full each month. last month her average daily balance was $135 and the apr is 11.2%. the finance charge was on her current months statement...

In a Financial Planner Canada survey, 70% of Canadians said they dont have a Financial Planner.Many people indicated they dont have money to face a financial hardship and are stressing about money....

2. Perma-debt occurs when you: (LO 6-1) a. Pay off your credit card balance in full every billing cycle. b. Transfer your credit card balance to receive 0% interest on a new card. c. Receive your...

If you are not paying off your credit card balance in full every month, your money is slowly going down the "interest drain." In this project you will select a credit card, use it to purchase a "big...

1. Calculate the amount of simple interest earned. $6,000 at 6% for 8 years $57,6 00 b $360 a . . c . $48,0 00 d $2,88 . 0 e $28,8 . 00 6.25 points Question 2 1. Find the present value, using the...

Can you answer my question 2.6 Average Daily Balance Average Daily Balance: Mean of balances for a billing Example 1 period Rebecca did not pay last month's credit card bill in full. Below is a list...

Rebecca did not pay last month's credit card bill in full. Below is a list of Rebecca's daily balances for her last billing cycle. Find Rebecca's average daily balance. For seven days she owed...

On December 31, 2020, Parent company (A) acquired 80% of Subsidiary (B) outstanding common stocks for SR 368,000, Subsidiary's fair value of net asserts was SR 460,000. During 2021, subsidiary net...

In football the offense can either run the ball or pass the ball, whereas the defense can either anticipate (and prepare for) a run or anticipate (and prepare for) a pass. The defense wants to guess...

When applying for credit, lenders will consider your: Question 5 Select one: a . Capacity b . Collateral c . Character d . All of the above e . None of the above

10) For a bond that pays cash interest (i.e., not a zero coupon bond), YTM is (a) always equal to the coupon rate (b) always equal to the current yield (c) is always less than the coupon rate (d) can...

Using some of the ideas in case study 12.4, consider proposals to change the recruitment of one key job in your organisation that would aim to reduce the attrition rate.

In the CIPD labour turnover research, the cost of replacement of employees who leave is high. Why is this?

Set out the arguments for and against instituting a legal requirement for a quota of women on boards of private companies