Use the average daily balance method to compute the finance charge on the credit card account for the previous month. The starting balance and transactions on the account for the month of April are given to the right. Assume an annual interest rate of 10% CIT The finance charge is $ (Round to the nearest cent as needed.) Month: April (30 days); previous month's balance: $300 Charged $82 for a coat April 5 April 16 April 20 April 28 Made payment of $250 Charged $174 for DVDs Charged $47 for groceries

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
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Use the average daily balance method to compute the finance charge on the credit card account for the previous
month. The starting balance and transactions on the account for the month of April are given to the right. Assume
an annual interest rate of 18%
The finance charge is $
(Round to the nearest cant as needed.)
Month: April (30 days); previous month's balance: $300
April 5
April 16
April 20
April 28
Charged $82 for a coat
Made payment of $250
Charged $174 for DVDs
Charged $47 for groceries
Transcribed Image Text:Use the average daily balance method to compute the finance charge on the credit card account for the previous month. The starting balance and transactions on the account for the month of April are given to the right. Assume an annual interest rate of 18% The finance charge is $ (Round to the nearest cant as needed.) Month: April (30 days); previous month's balance: $300 April 5 April 16 April 20 April 28 Charged $82 for a coat Made payment of $250 Charged $174 for DVDs Charged $47 for groceries
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