
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Transcribed Image Text:The ending balance on Scotty's credit card last month was $853.00. He only paid $45.00, so a finance charge
of $11.00 was added to his account. Both his payment and the fee were posted on September 10.
His billing period is September 10 - October 9.
On September 20, he charged $50.00. On September 27, he charged $78.00. His interest rate is 29%.
1.Calculate his average daily balance for the period.
2. How much will his finance charge be?
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