A credit card statement showed these transactions during October. The credit card has an interest rate of 6% on the average daily balance. Find the average daily balance,
The finance charge for the month, and the new balance on November 1. [Hint: Remember that
October has 31 days.]
A)Average daily balance = $286.53; finance charge = $17.19; new balance = $132.66
B)Average daily balance = $338.66; finance charge = $20.32; new balance = $135.79
C)Average daily balance = $284.44; finance charge = $17.07; new balance = $132.54
D)Average daily balance = $288.91; finance charge = $17.33; new balance = $132.80

Question

A credit card statement showed these transactions during October.  The credit card has an interest rate of 6% on the average daily balance. Find the average daily balance,
The finance charge for the month, and the new balance on November 1. [Hint: Remember that
October has 31 days.]
A)Average daily balance = $286.53; finance charge = $17.19; new balance = $132.66 
B)Average daily balance = $338.66; finance charge = $20.32; new balance = $135.79 
C)Average daily balance = $284.44; finance charge = $17.07; new balance = $132.54 
D)Average daily balance = $288.91; finance charge = $17.33; new balance = $132.80

Quizplus · Accepted Answer

The Answer of A credit card statement showed these transactions during October.  The credit card has an interest rate of 6% on the average daily balance. Find the average daily balance,
The finance charge for the month, and the new balance on November 1. [Hint: Remember that
October has 31 days.]
A)Average daily balance = $286.53; finance charge = $17.19; new balance = $132.66 
B)Average daily balance = $338.66; finance charge = $20.32; new balance = $135.79 
C)Average daily balance = $284.44; finance charge = $17.07; new balance = $132.54 
D)Average daily balance = $288.91; finance charge = $17.33; new balance = $132.80

A Credit Card Statement Showed These Transactions During October