MGF-1107 Lecture Notes - Lecture 11: Finance Charge, New Balance, Amortization Schedule

l l Section: Homework #5 Please show all work. A credit card account balanee en A purchase of 8250 was made on d a payment of $700 was made on L2 The billing date i 71 unpaid balance 1. 0613 Balance folayS (a) Find the average daily balanoe. Number of days purchase. cain day July July 20 30 700 2200 IT SOO 2 O So itOO a O (b) If the finance rate is 1.8% per month, what is the finance charge? PAT 0000.018