8. Find the average daily balance (new purchases included) and calculate the finance charges and the new balance on the account. Periodic interest rate is 3%
Dates
12/1-12/3
12/4
12/5-12/14
12/15
12/16-
12/31
Payment Purchase End-of-Day D Number of
Balance
Days
$100.000 3
$50.00 150.000 1
150.000 10
$100.00
50.00
1
50.00
16
Sum of
Balances
$ 300.00
150.00
1,500.00
50.00
800.00
Total
31