.3Question 4, 8.3.33 >Use the average daily balance method to compute the finance charge on the credit card accountfor the month of August (31 days). The starting balance from the previous month is $220. Thetransactions on the account for the month are given in the table to the right. Assume an annualinterest rate of 20% on the account and that the billing date is August 1st.The finance charge for the month of August is $(Round to the nearest cent as needed.)DateAugust 3TransactionMade payment of $86August 10Charged $140 for hiking bootsAugust 19Charged $18 for gasolineAugust 25Charged $34 for restaurant mealSave

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Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

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Use the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting balance from the previous month is $290. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 21% on the account and that the billing date is August 1st. (see image for table.) The finance charge for the month of August is $___
K Use the average daily balance method to compute the finance charge on the credit card account for the month of August (31 days). The starting balance from the previous month is $240. The transactions on the account for the month are given in the table to the right. Assume an annual interest rate of 20% on the account and that the billing date is August 1st. The finance charge for the month of August is $ (Round to the nearest cent as needed.) Date August 5 Transaction Made payment of $88 August 14 Charged $140 for hiking boots August 21 Charged $18 for gasoline August 25 Charged $34 for restaurant meal
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