O $153.12 O $155.31 O $268.34 O $299.05

Essentials Of Investments
11th Edition
ISBN:9781260013924
Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Chapter1: Investments: Background And Issues
Section: Chapter Questions
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You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account.
STATEMENT OF ACCOUNT Billing cycle: July 1-31
July 1
Previous month's balance
$143.85
July 5
McDermott Engineering
35.95
July 9
Payment
32.30
July 17
Hi-Def Video (credit)
25.31
July 25
Sunny Flowers
30.93
O $153.12
O $155.31
O $268.34
O $299.05
Transcribed Image Text:You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account. STATEMENT OF ACCOUNT Billing cycle: July 1-31 July 1 Previous month's balance $143.85 July 5 McDermott Engineering 35.95 July 9 Payment 32.30 July 17 Hi-Def Video (credit) 25.31 July 25 Sunny Flowers 30.93 O $153.12 O $155.31 O $268.34 O $299.05
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