You Have a Revolving Credit Account at an Annual Percentage

question 87

Multiple Choice

You have a revolving credit account at an annual percentage rate of 18%. Use the average daily balance method to find the new balance given the following statement of account: $$\begin{array}{l}\text { STATEMENT OF ACCOUNT Billing cycle: June } 1 - 30\\\begin{array} { | l | l | l | } \hline \text { June } 2 & \text { Previous month's balance } & \$ 264.74 \\\hline \text { June } 6 & \text { Kim's Paints } & 54.95 \\\hline \text { June } 12 & \text { Payment } & 112.00 \\\hline \text { June } 15 & \text { Biggie Supermarket (credit) } & 43.47 \\\hline \text { June } 28 & \text { Lamont's Bikes } & 130.98 \\\hline\end{array}\end{array}$$

• A) $295.20
• B) $275.84
• C) $298.51
• D) $182.96

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Performance Appraisals

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