You have a credit card that charges an interest rate of 18.55% compounded monthly. The table below showsyour activity for the month of April.DateApril 1April 6April 7PaymentApril 8PurchaseApril 18PurchaseApril 20 PurchaseApril 30 Ending BalanceActivityBeginning BalancePurchase$Balance1,375.0045.80 1,420.80-250.00 1,170.8089.75 1,260.5518.00 1,278.5563.801,342.351,342.35What is the average daily balance for this account?$AmountWhat is the finance charge for the month of April?

Average daily balance refers to the balance that the credit card held on a daily basis on an…

You have a credit card that charges an interest rate of 18.55 % compounded monthly. The table below shows your activity for the month of April. Date April 1 April 6 April 7 April 8 April 18 April 20 April 30 Ending Balance Activity Beginning Balance Purchase $ Payment Purchase Purchase Purchase Amount Balance 1,375.00 45.80 1,420.80 1,170.80 1,260.55 1,278.55 1,342.35 1,342.35 -250.00 89.75 18.00 63.80 What is the average daily balance for this account? What is the finance charge for the month of April?

You have a credit card that charges an interest rate of 18.55 % compounded monthly. The table below shows your activity for the month of April. Date April 1 April 6 April 7 April 8 April 18 April 20 April 30 Ending Balance Activity Beginning Balance Purchase $ Payment Purchase Purchase Purchase Amount Balance 1,375.00 45.80 1,420.80 1,170.80 1,260.55 1,278.55 1,342.35 1,342.35 -250.00 89.75 18.00 63.80 What is the average daily balance for this account? What is the finance charge for the month of April?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 21MC: A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an...

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