Multiple Choice
Amanda's credit card statement showed these transactions during December. ![Amanda's credit card statement showed these transactions during December. The interest rate is 12% per month on the average daily balance. Find the average daily balance, the Finance charge for the month, and the new balance on January 1. [Hint: Remember that December Has 31 days.] A) Average daily balance = $311.98; finance charge = $37.44; new balance = $421.46 B) Average daily balance = $314.77; finance charge = $37.77; new balance = $421.79 C) Average daily balance = $302.36; finance charge = $36.28; new balance = $420.30 D) Average daily balance = $329.12; finance charge = $39.49; new balance = $423.51](https://d2lvgg3v3hfg70.cloudfront.net/TB8446/11ebb939_4a32_0b7f_9e6c_c352e4b9e16e_TB8446_00.jpg)
The interest rate is 12% per month on the average daily balance. Find the average daily balance, the
Finance charge for the month, and the new balance on January 1. [Hint: Remember that December
Has 31 days.]
A) Average daily balance = $311.98; finance charge = $37.44; new balance = $421.46
B) Average daily balance = $314.77; finance charge = $37.77; new balance = $421.79
C) Average daily balance = $302.36; finance charge = $36.28; new balance = $420.30
D) Average daily balance = $329.12; finance charge = $39.49; new balance = $423.51
Correct Answer:
Verified
Correct Answer:
Verified
Q103: What was the lowest price that the
Q104: A brokerage charges a fee, called a(n),
Q105: Usually are issued by a company to
Q106: Stephen purchased a diamond engagement ring for
Q107: Find the interest using the Banker's rule.<br>P
Q109: A house has a $298,500.00 mortgage at
Q110: Find the missing value. <img src="https://d2lvgg3v3hfg70.cloudfront.net/TB8446/.jpg" alt="Find
Q111: An investor purchased 1,000 shares of stock
Q112: After securing a mortgage, the lending institution
Q113: Sheila borrowed $1,000.00 for 1 year. Her