Calculate the Monthly Finance Charge for the Credit Card Transaction

question 21

Short Answer

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 answer to the nearest cent.
}\\\\\text { Balance Rate Payment Method }\\\$ 500 \quad 6 \% \quad \$ 250 \quad \begin{array} { l } \text { Average daily } \\\text { balance }\end{array}\end{array}">$\begin{array}{l}\text { cellpadding="0" cellspacing="0" width=" } 63 \% \text { " border="0"> }\\\\\text { Balance Rate Payment Method }\\\$ 500 \quad 6 \% \quad \$ 250 \quad \begin{array} { l } \text { Average daily } \\\text { balance }\end{array}\end{array}$ $ __________

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Definitions:

Ronald Heifetz

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