Date 7. You have a credit card that charges an interest rate of 5% compounded monthly. The table below shows your activity for the month of November. November 1 November 7 November 9 November 20 November 22 November 30 Activity Beginning Balance Payment Charge Charge Charge Ending Balance Amount -$75.00 $80.00 $25.00 $10.00 Balance $180.00 $105.00 $185.00 $210.00 $220.00 $220.00 a. What is the average daily balance for this account? b. What is the finance charge for the month of November?

Date 7. You have a credit card that charges an interest rate of 5% compounded monthly. The table below shows your activity for the month of November. November 1 November 7 November 9 November 20 November 22 November 30 Activity Beginning Balance Payment Charge Charge Charge Ending Balance Amount -$75.00 $80.00 $25.00 $10.00 Balance $180.00 $105.00 $185.00 $210.00 $220.00 $220.00 a. What is the average daily balance for this account? b. What is the finance charge for the month of November?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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