On the July 5 billing date, David had a balance due of $1027.85 on his credit card. The transactions during the following month were: $$\begin{array} { l l c }
\text { July 6 } & \text { Payment } & \$ 281.80 \
\text { July 19 } & \text { Charge: auto repair } &\$ 350 \
\text { August } 1 & \text { Charge: clothing } & \$ 122.27
\end{array}$$ The interest rate on the card is 1.3% per month. Using the average daily balance method, find the
Finance charge on August 5 (July has 31 days).

Question

On the July 5 billing date, David had a balance due of $1027.85 on his credit card. The transactions during the following month were: $$\begin{array} { l l c } 
\text { July 6 } & \text { Payment } & \$ 281.80 \
\text { July 19 } & \text { Charge: auto repair } &\$ 350 \
\text { August } 1 & \text { Charge: clothing } & \$ 122.27
\end{array}$$ The interest rate on the card is 1.3% per month. Using the average daily balance method, find the
Finance charge on August 5 (July has 31 days).

Quizplus · Accepted Answer

The Answer of On the July 5 billing date, David had a balance due of $1027.85 on his credit card. The transactions during the following month were: $$\begin{array} { l l c } 
\text { July 6 } & \text { Payment } & \$ 281.80 \
\text { July 19 } & \text { Charge: auto repair } &\$ 350 \
\text { August } 1 & \text { Charge: clothing } & \$ 122.27
\end{array}$$ The interest rate on the card is 1.3% per month. Using the average daily balance method, find the
Finance charge on August 5 (July has 31 days).

On the July 5 Billing Date, David Had a Balance