Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $196.30, a payment of $40 posted on March 9, and a purchase of $33.20 posted on March 17. The billing cycle ends March 31. The average daily balance is S (Type an integer or decimal rounded to the nearest hundredth as needed.)

Suppose the charge account of Strong's Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong's had an unpaid balance on March 1 of $196.30, a payment of $40 posted on March 9, and a purchase of $33.20 posted on March 17. The billing cycle ends March 31. The average daily balance is S (Type an integer or decimal rounded to the nearest hundredth as needed.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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