If the unpaid balance on the above sale is 300 at the end, Ask an Expert

Accounting

Gudenas Company makes a credit card sale to a customer for $500. The credit card sale has a grace period of 30 days and then an interest charge of 18% per year or 1.5% per month is added to the balance. If the unpaid balance on the above sale is $300 at the end of the grace period, the interest charge is:

a) $3.00.

b) $5.00.

c) $4.50.

d) $7.50.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9409242

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