Amanda's Credit Card Statement Showed These Transactions During December

question 108

Multiple Choice

Amanda's credit card statement showed these transactions during December. The interest rate is 12% per month on the average daily balance. Find the average daily balance, the
Finance charge for the month, and the new balance on January 1. [Hint: Remember that December
Has 31 days.]

• A)Average daily balance = $311.98; finance charge = $37.44; new balance = $421.46
• B)Average daily balance = $314.77; finance charge = $37.77; new balance = $421.79
• C)Average daily balance = $302.36; finance charge = $36.28; new balance = $420.30
• D)Average daily balance = $329.12; finance charge = $39.49; new balance = $423.51

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