A credit card company uses the average daily balance method to calculate its finance charges.

Published by admin at July 31, 2023

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A credit card company uses the average daily balance method to calculate its finance charges. Find the finance charge for the month of August (31 days) if the average daily balance for August is $247.10. The annual interest rate is 18%.

July 31 – Balance$230

August 10 – Charge $74

August 16 – Payment $190

August 21 – Charge $174

August 30 – Charge $14

A credit card company uses the average daily balance method to calculate its finance charges.

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