Multiple Choice
A credit card statement showed these transactions during October. ![A credit card statement showed these transactions during October. The credit card has an interest rate of 6% on the average daily balance. Find the average daily balance, The finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.] A) Average daily balance = $286.53; finance charge = $17.19; new balance = $132.66 B) Average daily balance = $338.66; finance charge = $20.32; new balance = $135.79 C) Average daily balance = $284.44; finance charge = $17.07; new balance = $132.54 D) Average daily balance = $288.91; finance charge = $17.33; new balance = $132.80](https://d2lvgg3v3hfg70.cloudfront.net/TB8446/11ebb939_4a32_3190_9e6c_1d41de753b4a_TB8446_00.jpg)
The credit card has an interest rate of 6% on the average daily balance. Find the average daily balance,
The finance charge for the month, and the new balance on November 1. [Hint: Remember that
October has 31 days.]
A) Average daily balance = $286.53; finance charge = $17.19; new balance = $132.66
B) Average daily balance = $338.66; finance charge = $20.32; new balance = $135.79
C) Average daily balance = $284.44; finance charge = $17.07; new balance = $132.54
D) Average daily balance = $288.91; finance charge = $17.33; new balance = $132.80
Correct Answer:
Verified
Correct Answer:
Verified
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