You have a credit card that charges an interest rate of 15.8% compounded monthly. The table below shows your activity for the month of April. Date Activity Amount Balance April 1 Beginning Balance 975.00 April 6 Purchase 46.10 1,021.10 April 13 Payment −250.00 771.10 April 16 Purchase 81.50 852.60 April 22 Purchase 12.00 864.60 April 26 Purchase 30.20 894.80 April 30 Ending Balance 894.80 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 15.8% compounded monthly. The table below shows your activity for the month of April. Date Activity Amount Balance April 1 Beginning Balance 975.00 April 6 Purchase 46.10 1,021.10 April 13 Payment −250.00 771.10 April 16 Purchase 81.50 852.60 April 22 Purchase 12.00 864.60 April 26 Purchase 30.20 894.80 April 30 Ending Balance 894.80 What is the average daily balance for this account? $ What is the finance charge for the month of April

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

ChapterA3: Time Value Of Money

Section: Chapter Questions

Problem 21E

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Date	Activity	Amount	Balance
April 1	Beginning Balance		975.00
April 6	Purchase	46.10	1,021.10
April 13	Payment	−250.00	771.10
April 16	Purchase	81.50	852.60
April 22	Purchase	12.00	864.60
April 26	Purchase	30.20	894.80
April 30	Ending Balance		894.80

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