On the July 5 billing date, David had a credit card balance due of $589.85. The transactions during the following month were: July 6 Payment $270.06 July 19 Charge: auto repair $322.00 August 1 Charge: clothing $122.02 The interest rate on the card is 14.4% per year. Using the average daily balance method, find the finance charge on August 5 (July has 31 days.). Select one: a.$9.02 b.$6.37 c.$9.49 d.$9.37

On the July 5 billing date, David had a credit card balance due of $589.85. The transactions during the following month were: July 6 Payment $270.06 July 19 Charge: auto repair $322.00 August 1 Charge: clothing $122.02 The interest rate on the card is 14.4% per year. Using the average daily balance method, find the finance charge on August 5 (July has 31 days.). Select one: a.$9.02 b.$6.37 c.$9.49 d.$9.37

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...

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