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 1-31July 1Previous month's balance$143.85July 5McDermott Engineering35.95July 9Payment32.30July 17Hi-Def Video (credit)25.31July 25Sunny Flowers30.93O $153.12O $155.31O $268.34O $299.05

The average daily balance is a typical accounting technique for calculating interest charges that…

Answered: O $153.12 O $155.31 O $268.34 O $299.05

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Finance

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

Problem 1PS

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Question

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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