Contemporary Mathematics for Business and Consumers 7th Edition by Robert Brechner ,George Bergeman

Exercise 81

Mel Arrandt has a Bank of America account with a 13% annual percentage rate calculated on the average daily balance. The billing date is the first day of each month, and the billing cycle is the number of days in that month.

a. What is the average daily balance for September?
b. What is the finance charge for September?
c. What is Mel's new balance?