The balance on a credit card, that charges a 20% APR interest rate, over a 1 month period is given in the following table: Days 1-3: Days 4-20: $200 ($50 purchase) Days 21-30: $50 ($150 payment) $150 (initial balance) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge $ [?]

The balance on a credit card, that charges a 20% APR interest rate, over a 1 month period is given in the following table: Days 1-3: Days 4-20: $200 ($50 purchase) Days 21-30: $50 ($150 payment) $150 (initial balance) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge $ [?]

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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LATION Saved V Mailings Review View Help Grammarly lity: Investigate O Search (Alt+Q) The balance on a credit card, that charges a 10.5% APR interest rate, over a 1 month period is given in the following table: I Days 1-5: $200 (initial balance) Days 6-20: $350 ($150 purchase) Days 21-30: $150 ($200 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? finance charge = $ [?] Round to the nearest hundredth. DELL Enter
N. Saving... V O Search (Alt+Q) ngs Review View Help Grammarly The balance on a credit card, that charges a 28.5% APR interest rate, over a 1 month period is given in the following table: Days 1-3: $150 (initial balance) Days 4-20: $200 ($50 purchase) Days 21-30: $50 ($150 payment) What is the finance charge, on the average daily balance, for this card over this 1 month period? Hint: First, calculate the balance for the 30 days. To do this, take the number of days and multiply it by the balance. What was the balance for the first 3 days? 3($[?]) + ($200) + ($50) Enter
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