What is his the finance charge for the period

Reference no: EM13294527

William Douglas recently received his monthly MasterCard bill for the period June 1-30, 2010, and wants to verify the monthly finance charge calculation, which is assessed at a rate of 18% per year and based on average daily balances including new purchases. His outstanding balance, purchases, and payments are as follows: Previous balance: $376 Purchases: Payments: June 4 $140 June 21 $20 June 12 $52 June 20 $135 June 26 $86 a.What is his average daily balance for the period? (Use a table like the one in Exhibit 6.8 for your calculations.) Round the answer to 2 decimal places. What is his the finance charge for the period? (Use a table like the one in Exhibit 6.8 for your b.calculations.) Round the answer to 2 decimal places.

Reference no: EM13294527

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