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For the credit card account, assume one month between billing dates  (with the appropriate number of days) and interest of 1.4 % per months on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing.

 

Previous  Balance:742.26

July 6 Billing Date

July 15 Payment $300

July 28 Lunch $44.24

August 4 Concert tickets $85.79

(a) The average daily balance is $____.

(b) the monthly finance charge $______.

(c) the account balance for the next billing. $_____.

 
ladiikeiii  Dec 5, 2017
edited by ladiikeiii  Dec 5, 2017
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3+0 Answers

 #1
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Balance is 742.26  x  9 days

  then         442.26  x 13 days

  then         486.50 x  7 days

  then         572.29 x 2 days  

 Average = 547.74

Finance charge = 7.67

then   c=555.41

 
Guest Dec 6, 2017
 #2
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C incorrect

 
ladiikeiii  Dec 6, 2017
 #3
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C= 572.29 + service charge = 579.96        sorry...I added finance charge to AVERAGE instead of final balance !

 
Guest Dec 6, 2017

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