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Question - A credit card statement showed these transactions during October.

October 1 Previous balance $292.47

October 8 Purchases $62.17

October 26 Payment $185.00

The credit card has an interest rate of 4.5% on the average daily balance. Find the average daily balance, the finance charge for the month, and the new balance on November 1. [Hint: Remember that October has 31 days.] Round to the nearest cent.

Reference no: EM132609730

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