You get a credit card. The bill for $1024 was due on July 1. Purchases of $315 were made on July 7, and $410 was charged on July 22. A payment of $400 was made on July 15. The interest on the average daily balance is 1.2% per month. Find the finance charge on the August 1 bill.

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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You get a credit card. The bill for $1024 was due on July 1. Purchases of $315 were made on July 7, and $410 was charged on July 22. A payment of $400 was made on July 15. The interest on the average daily balance is 1.2% per month. Find the finance charge on the August 1 bill.

 

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