Computing monthly finance charge for credit card

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Reference no: EM13129888

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 answers to the nearest cent.)

$500 balance, 16%, $50 payment

(a) previous balance method

(b) adjusted balance method

Reference no: EM13129888

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