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Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
Edition 7ISBN: 978-1285448596 Exercise 9
Carolyn Salkind has a Bank of America revolving credit account with a 15% annual percentage rate. The finance charge is calculated by using the average daily balance method. The billing date is the first day of each month, and the billing cycle is the number of days in that month. During March, Carolyn's account showed the following activity.
a. What is the finance charge for March?
b. What is Carolyn's new balance?
a. What is the finance charge for March?
b. What is Carolyn's new balance?
Explanation
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Step 1 and 2: To calculate the daily bal...
Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman
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