Find the average daily balance for the given credit-card account. Assume the billing date is...
70.2K
Verified Solution
Link Copied!
Question
Finance
Find the average daily balance for the given credit-card account. Assume the billing date is the same day each month, and use the actual number of days in each month. Then find the finance charge if the previous balance was $721.12 and the interest is 1.7% per month on the average daily balance. Finally, find the balance at the end of the billing cycle. Aug. 11 Billing Date Aug. 15 Mail Order $ 25.45 Aug. 20 Returns $24.34 Aug. 26 Wine $ 38.45 Aug. 30 Payment $127 Sept. 5 Returns $72.55 Sept. 8 Birthday Gift $120 Sept. 10 Cash Advance $100 The average daily balance is (Round to the nearest cent as needed.)
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!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.