Finance Charge Comparison On August 5, the billing date,
Chapter 11, Problem 857(choose chapter or problem)
Finance Charge Comparison On August 5, the billing date, Pat Schaefer had a balance due of $185.72 on her credit card. The transactions during the month of August were a) Determine the finance charge on September 5 by using the previous balance method. Assume that the interest rate is 1.4% per month. b) Determine the new account balance on September 5 using the finance charge found in part (a). c) Determine the average daily balance for the period. d) Determine the finance charge on September 5 by using the average daily balance method. Assume that the interest rate is 1.4% per month. e) Determine the new account balance on September 5 using the finance charge found in part (d).
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