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Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
Edition 8ISBN: 978-1305585454 Exercise 63
Mel Arrandt has a Bank of America account with a 13% annual percentage rate calculated on the average daily balance. The billing date is the first day of each month, and the billing cycle is the number of days in that month.
a. What is the average daily balance for September
b. What is the finance charge for September
c. What is Mel's new balance
a. What is the average daily balance for September
b. What is the finance charge for September
c. What is Mel's new balance
Explanation
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Step 1 and 2: To calculate the daily bal...
Contemporary Mathematics for Business & Consumers 8th Edition by Robert Brechner,Geroge Bergeman
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