question archive You have a revolving credit account at an annual percentage rate of 18%
Subject:MathPrice:4.87 Bought7
You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account:
STATEMENT OF ACCOUNT Billing cycle: June 1 – 30 | ||
June 2 | Previous month's balance | $264.74 |
June 6 | Kim's Paints | 54.95 |
June 12 | Payment | 112.00 |
June 15 | Biggie Supermarket (credit) | 43.47 |
June 28 | Lamont's Bikes | 130.98 |
The Answer
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