Henry Garrison starts the month with a balance on his credit card of $1,130. The average daily balance for the month, including the new purchases, is $883. The average daily balance for the month, excluding the new purchases, is $743. Henry's interest rate is one and a half percent for the month. Henry's bank calculates the finance charge on their credit card by using the average daily balance excluding new purchases. What would Henry's finance charges be for the month?

Interest expense $ 11.15

Explanation:

As the bank uses the average daily balance excluding new purchases we should use that amount to solve for the interest expense.

The rate is one and a half percent therefore, 1.5% --> 0.015

principal x rate = interest

$743 x 0.015 = $ 11.145

1) the stages a new product goes through from beginning to end, i.e., the stages that a product passes through from introduction through growth, maturity, and decline. 2) the time from initial research and development to the time at which sales and support of the product to customers are withdrawn. 3) the period of time during which a product can be produced and marketed profitably.

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