Question

The following is Justin’s credit card statement for November. Fill in the balance column and calculate...

The following is Justin’s credit card statement for November. Fill in the balance column and calculate the finance charge, using the Average Daily Balance method, given a billing cycle of 30 days, and an APR of 21%.

date

Purchase

Payment

Balance

11/1

420.00

11/8

75.50

………

11/13

90.00

………

11/18

67.80

………

11/22

120.55

………

11/30

………       (F.Charge)

………
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Answer #1

Interest = Balance outstanding * APR/12 * No of days/30

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