Assignment:
Calculate the monthly finance charge for the credit card transaction. Assume that it takes 10 days for a payment to be received and recorded, and that the month is 30 days long. (Round your answers to the nearest cent.)
$500 balance, 16%, $50 payment
(a) previous balance method
$
(b) adjusted balance method
$
(c) average daily balance method
$
Provide complete and step by step solution for the question and show calculations and use formulas.