The conditions of a credit card are the following: 57.3% total annual interest rate, 8.5%...
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Finance
The conditions of a credit card are the following: 57.3% total annual interest rate, 8.5% minimum payment and adjusted balance method.
Regina George holds this type of credit card. At the beginning of the month, she had a balance of $58,650. She made one payment to the credit card on the 15th for $12,000 and made a purchase on the 22nd for $7,000. The average daily balance for the month including purchase is $7,883. The average daily balance for the month excluding new purchase is $7,750.
What were her finance charges for the month, using the method specified above?
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