You have a credit card that charges an interest rate of 17.2% compounded monthly. The table below shows your activity for the month of April. Date April 1 Activity Beginning Balance Amount Balance 1,225.00 April 10 Purchase 29.50 1.254.50 April 11 Payment -150.00 1,104.50 April 15 Purchase 99.25 1,203.75 April 19 Purchase 18.00 1,221.75 April 21 Purchase 30.30 1,252.05 April 30 Ending Balance 1,252.05 What is the average daily balance for this account? S What is the finance charge for the month of April? S

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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You have a credit card that charges an interest rate of 17.2% compounded monthly. The table below shows
your activity for the month of April.
Date
April 1
Activity
Beginning Balance
Amount
Balance
1,225.00
April 10
Purchase
29.50
1.254.50
April 11
Payment
-150.00
1,104.50
April 15
Purchase
99.25
1,203.75
April 19
Purchase
18.00
1,221.75
April 21
Purchase
30.30
1,252.05
April 30 Ending Balance
1,252.05
What is the average daily balance for this account?
S
What is the finance charge for the month of April?
S
Transcribed Image Text:You have a credit card that charges an interest rate of 17.2% compounded monthly. The table below shows your activity for the month of April. Date April 1 Activity Beginning Balance Amount Balance 1,225.00 April 10 Purchase 29.50 1.254.50 April 11 Payment -150.00 1,104.50 April 15 Purchase 99.25 1,203.75 April 19 Purchase 18.00 1,221.75 April 21 Purchase 30.30 1,252.05 April 30 Ending Balance 1,252.05 What is the average daily balance for this account? S What is the finance charge for the month of April? S
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