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.).

a. $9.37

b. $9.02

c. $9.49

d. $6.37

1 Answer

  • Anonymous
    4 weeks ago


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