Calvin Hopkins has a credit card for which the billing date is the same each month....

Calvin Hopkins has a credit card for which the billing date is the same each month.

Here are the transactions for the last month:

Previous Balance $634.27

April 15 Billing Date

April 21 Return Credit $116.36

April 22 Purchase $101.02

April 30 Purchase $122.16

May 8 Payment Credit $200.00

1. Find the average daily balance.
1. The monthly interest charge is 1 ½% per month on the average

daily balance. Find the finance charge. SHOW ALL WORK!!!

Solutions

Expert Solution

Finance Charge = $284.87

Please upvote if satisfied

jeff jeffy answered 1 year ago

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