If Parm's average daily balance on his credit card for the previous month was $8440, his grace period 20 days, billing period 30 days, interest rate 19.8 percent calculated daily (not compounded), and he paid the full balance 6 days late, what would be the amount of interest owing on the day of payment? (Submit answer to two decimal places (include pennies) and DO NOT add a negative (minus) sign.) Answer:
If Parm's average daily balance on his credit card for the previous month was $8440, his grace period 20 days, billing period 30 days, interest rate 19.8 percent calculated daily (not compounded), and he paid the full balance 6 days late, what would be the amount of interest owing on the day of payment? (Submit answer to two decimal places (include pennies) and DO NOT add a negative (minus) sign.) Answer:
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
Problem 1PS
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Transcribed Image Text:If Parm's average daily balance on his credit card for the previous month was $8440, his grace period 20 days,
billing period 30 days, interest rate 19.8 percent calculated daily (not compounded), and he paid the full
balance 6 days late, what would be the amount of Interest owing on the day of payment? (Submit answer to
two decimal places (include pennies) and DO NOT add a negative (minus) sign.)
Answer:
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