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Calculate monthly finance charge for credit card transaction

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Q1. 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.

Balance: $300

Rate: 19%

Payment: $50

Method: Adjusted balance

Q2. 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.

Balance: $900

Rate: 18%

Payment: $850

Method: Average daily balance

Reference no: EM133137679

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