The balance on a credit card that charges a 28 5 APR interest rate over a 1 month period is given in the following table Days 1

Question

The balance on a credit card that charges a 28 5 APR interest rate over a 1 month period is given in the following table Days 1 3 150 initial balance Days 4 20 200 50 purchase Days 21 30 50 150 payment What is the finance charge on the average daily balance for this card over this 1 month period Hint First calculate the balance for the 30 days To do this take the number of days and multiply it by the balance What was the balance for the first 3 days

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