Ap 54 your credit card lender charges an annual rate of 15, Ask an Expert

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Ap 5.4 Your credit card lender charges an annual rate of 15 percent on the average daily balance. Your balance on March 10. the end of the last billing cycle, was $5,000. The following transactions were posted to your account during the billing cycle:

3/15 New credit purchase $500

3/20 Payment received $750

4/1 New credit purchase $1,000

The last day of the monthly billing cycle is April 10. Calculate the finance charge.

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Financial Management, Finance

Category:- Financial Management
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