Essay
Ken's charge account has an APR of 18% and is on a 31-day billing cycle. On the 1st of the month, the beginning balance on Ken's charge account was $713.49. A payment of $87 was made on the 13th of the month. Purchases of $12.78 were made on the 23rd of the month. Using the average daily balance method, what is the new balance?
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$1,267.91 ; ( $713.49 12 days)...View Answer
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