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Author Question: Your credit card had balances of $800 for 13 days, $600 for 5 days, and $650 for 12 days. Assume an ... (Read 109 times)

TFauchery

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Your credit card had balances of $800 for 13 days, $600 for 5 days, and $650 for 12 days. Assume an annual interest rate of 18 percent, 30-day billing cycle and 20-day grace period. How much is the interest charge using the average daily balance method, if the credit card gets paid off five days after the statement due date?
$8.71
$1.74
$12.20
$19.17


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Marked as best answer by TFauchery on Nov 11, 2019

tranoy

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TFauchery

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Reply 2 on: Nov 11, 2019
Excellent


adf223

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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