A credit card company uses the average daily balance method, Financial Management

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A credit card company uses the average daily balance method

A credit card company uses the average daily balance method to calculate its finance charges. Find the finance charge for the month of August (31 days) if the average daily balance for August is $417.77. The annual interest rate is 18%. July 31 Balance $440 August 10 Charge $74 August 16 Payment $310 August 19 Charge $181 August 22 Charge $29

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Financial Management: A credit card company uses the average daily balance method

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Financial Management: A credit card company uses the average daily balance method

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