Use Mark Gilley's FlashCard statement. There is an error in his bill. The average daily balance, finance charge, available credit, and new balance amounts are not filled in. You can find a copy of the blank calendar at www.cengage.com/school/math/financialalgebra.
a. What is Mark's average daily balance?
b. What is Mark's finance charge?
c. What is Mark's new balance?
d. What is Mark's available credit?
e. If the $200 payment had been posted on 6/13, would Mark's finance charge for this billing cycle have been higher or lower?

Transcribed Image Text:

Mark Gilley 700 West Street Maintown, FL ACCOUNT INFORMATION Account Number TRANSACTIONS 7-6231-491 Billing Date 26 Jun Payment Due 10 Jul DEBITS/CREDITS (-) 31 May63214987261 Linda's Art Shop 12 Jun 62115497621 Artisign's Inc. 18 Jun73216532116 Payment Thank you 20 Jun 73162225142 Syvart Corp $251.00 S72.50 $200.00 S18.50 PreviousPayments Balance Credits Purchases Charge S800.00 S200.00 S342.00 New Late Finance Now Minimum SUMMARY ChargoBalancePayment $0.00 S25.00 Total Credit Line Total Avalable Crecit Average Daily Balance #Days n Biling Cyclo Monthly Periocic s 6,000.00 APR Rato 1.5% 31 18%