Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.)$3000 balance, 18%, $2,500 payment previous balance method$ 45adjusted balance method$ 7.50 What is the average daily balance method?
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.)$3000 balance, 18%, $2,500 payment previous balance method$ 45adjusted balance method$ 7.50 What is the average daily balance method?
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter13: Sequences And Series
Section13.4: Mathematics Of Finance
Problem 16E
Question
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.)
$3000 balance, 18%, $2,500 payment
previous balance method
$ 45
adjusted balance method
$ 7.50
What is the average daily balance method?
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