A credit card account’s due date is June 9, and the outstanding balance on that day is $460. On that same day, the card holder sends in a payment of $75 and uses the card for a $20 purchase. The card is used again on June 13th and June 24th for purchases of $154 and $54, respectively. If the credit card interest rate on the average daily balance is 2.5% per month, what is the finance charge for the month? Round your answer to the nearest cent
A credit card account’s due date is June 9, and the outstanding balance on that day is $460. On that same day, the card holder sends in a payment of $75 and uses the card for a $20 purchase. The card is used again on June 13th and June 24th for purchases of $154 and $54, respectively. If the credit card interest rate on the average daily balance is 2.5% per month, what is the finance charge for the month? Round your answer to the nearest cent
Chapter9: Accounting For Receivables
Section: Chapter Questions
Problem 4Q: American Signs allows customers to pay with their Jones credit card and cash. Jones charges American...
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A credit card account’s due date is June 9, and the outstanding balance on that day is $460. On that same day, the card
holder sends in a payment of $75 and uses the card for a $20 purchase. The card is used again on June 13th and June 24th
for purchases of $154 and $54, respectively. If the credit card interest rate on the average daily balance is 2.5% per month,
what is the finance charge for the month? Round your answer to the nearest cent.
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