Find the Finance Charge?
On the July 5 billing date, David had a credit card balance due of $589.85. The transactions during the following month were:
July 6 Payment $270.06
July 19 Charge: auto repair $322.00
August 1 Charge: clothing $122.02
The interest rate on the card is 14.4% per year. Using the average daily balance method, find the finance charge on August 5 (July has 31 days.).
- Anonymous4 weeks ago