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 for the month of april are given. Assume an annual interest rate of 15%. April-30 days (prvious months balance $430) 4/7- charged $80 4/17- made payment of 160 4/23-charged $194 4/27- charged $16 What is the finance charge?

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 for the month of april are given. Assume an annual interest rate of 15%. April-30 days (prvious months balance $430) 4/7- charged $80 4/17- made payment of 160 4/23-charged $194 4/27- charged $16 What is the finance charge?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...

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