Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. finance
  3. find the average daily balance for the credit card

Find the average daily balance for the credit card with the following transactions. Assure one...

80.2K

Verified Solution

Question

Finance

image

Find the average daily balance for the credit card with the following transactions. Assure one month between billing dates using the proper number of days in the month. Then find the finance charge if interest is 1.5% per month on the average daily balance. Finally, find the new balance. Previous Balance $450,45 Billing Date Jan. 15 Date Transaction Amount Jan. 20 Return $102.21 Jan. 23 Purchase $34.21 Jan. 30 Purchase $ 48.90 Feb 5 Payment $120 The average daily balance is S. (Round to the nearest cont.) The finance charge is $0 (Round to the nearest cent.) The new balance is Enter your answer in each of the answer boxes

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Statistics
1.2K views

The Apparel Company makes expensive polo-style men's and women's short-sleeve knit shirts at its plant in...

Chemistry
1.2K views

Consider an ionic compound, MX2 , composed of generic metal M and generic, gaseous halogen X...

Mechanical Engineering
1.2K views

Humid air at 300 kPa, 10°C, and 90% relative humidity is heated in a pipe at...

Biology
1.2K views

Ribavirin is prescribed for the hospitalized child with respiratory syncytial virus (RSV). The nurseprepares to...

Biology
1.2K views

How do you check the spelling of a document using Microsoft Word

Physics
1.2K views

Two identical metal plates show photoelectric effect by a light of wavelength falling on plate...

Basic Math
1.2K views

The exchange rate of a Chinese RMB to a US dollar is 1 RMB to...

Algebra
1.2K views

Factor completely x 16 prime x 2 x 2 x 4 x 4 x 4...

Algebra
1.2K views

2 Use the following data obtained from ages of the last six U S Presidents...

Accounting
1.2K views

An item in inventory is currently carried at historical cost of $20 per unit....

Accounting
1.2K views

Companies make strategic investments for several reasons. Which of the following reasons is INCORRECT? 1.to...

Finance
1.2K views

1. Which of the following describes loan cash flow (LCF)? A) A term used when...