On June 1, the billing date, Tim had a balance due of $485.75 on his credit card.
Question:
On June 1, the billing date, Tim had a balance due of $485.75 on his credit card. Tim’s transactions during the month of June were
(a) Determine the finance charge on July 1 by using the previous balance method. Assume that the interest rate is 1.3% per month.
(b) Determine the new account balance on July 1 using the finance charge found in part (a).
(c) Determine the average daily balance for the period.
(d) Determine the finance charge on July 1 by using the average daily balance method. Assume that the interest rate is 1.3% per month.
(e) Determine the new account balance on July 1 using the finance charge found in part (d).
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Balance 48575 as of June 01 i 13 June 04 48575 37500 11075 June ...View the full answer
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Related Book For 
A Survey of Mathematics with Applications
ISBN: 978-0134112107
10th edition
Authors: Allen R. Angel, Christine D. Abbott, Dennis Runde
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