A Credit Card Statement Showed These Transactions During October The Credit Card Has an Interest Rate Of

question 27

Multiple Choice

A credit card statement showed these transactions during October.
$\begin{array} { l l r } \text { October 1 } & \text { Previous balance } & \$ 103.93 \\ \text { October 12 } & \text { Purchases } & \$ 86.42 \\ \text { October 29 } & \text { Payment } & \$ 170.00 \end{array}$
The credit card has an interest rate of $6 \%$ on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1 . [Hint: Remember that October has 31 days.]

• A) Average daily balance = $195.36; finance charge = $11.72; new balance = $32.07
• B) Average daily balance = $143.23; finance charge = $8.59; new balance = $28.94
• C) Average daily balance = $141.14; finance charge = $8.47; new balance = $28.82
• D) Average daily balance = $145.61; finance charge = $8.74; new balance = $29.09

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