Blake Miller recently received his monthly MasterCard bill for the period June 1-30, 2021, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 23 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows:Previous Balance:$303 Purchases: Payments: June 4$111 June 21$35June 12$45 June 20$127 June 26$43 What are his ADB and finance charges for the period? (Use a table like the one in Exhibit 6.7 for your calculations.) Round the answers to the nearest cent.ADB: $ Finance charges: $

The average daily balance (ADB) is determined by summing up all the balances at the end of each day…

Answered: Blake Miller recently received his…

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter5: Introduction To Business Expenses

Section: Chapter Questions

Problem 61P

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Blake Miller recently received his monthly MasterCard bill for the period June 1-30, 2021, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 23 percent per year and based on ADBs, including new purchases. His outstanding balance, purchases, and payments are as follows:

Previous Balance:	$303
Purchases:		Payments:
June 4	$111	June 21	$35
June 12	$45
June 20	$127
June 26	$43

What are his ADB and finance charges for the period? (Use a table like the one in Exhibit 6.7 for your calculations.) Round the answers to the nearest cent.

ADB: $

Finance charges: $

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