Essentials Of Investments
Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Concept explainers

Cost of Credit
The cost of credit is an extra amount that the borrower has to pay besides the loan amount. These credit charges may vary from loan to loan. The cost of credit includes interest charges, maintenance charges, and arrangement charges. Some of the costs are…
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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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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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