Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Question
Dallas Pierce’s most recent credit card statement follows. His finance charge is 18% APR. Calculate Dallas’s average daily balance, finance charge, and new balance.
30-day billing cycle
9/2
Billing date
$
1,200
previous balance
9/7
Payment
$
100
cr.
9/13
Charge: Kohl’s
$
350
9/17
Payment
$
200
cr.
9/28
Charge: WalMart
50
Average daily balance
Finance charge
New balance
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