Credit card lender charges an annual rate

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Reference no: EM131575720

Ap 5.4 Your credit card lender charges an annual rate of 15 percent on the average daily balance. Your balance on March 10. the end of the last billing cycle, was $5,000. The following transactions were posted to your account during the billing cycle:

3/15 New credit purchase $500

3/20 Payment received $750

4/1 New credit purchase $1,000

The last day of the monthly billing cycle is April 10. Calculate the finance charge.

Reference no: EM131575720

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