What will the finance charge be for june

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Reference no: EM132771888

Problem 1: You have been pricing a compact disc player in several stores. Three stores have the exact same price of $300. Each of these stores charges 18 percent APR, has a 30-day free ride, and sends out bills on the first of the month. On further investigation, you find that Store A calculates the finance charge by using the average daily balance method, that Store B uses the adjusted balance method, and that Store C uses the previous balance method. Assume that you purchased the disc player on May 5 and that you made a $100 payment on June 15. What will the finance charge be for June if you made your purchase from Store A? from Store B? from Store C?

Reference no: EM132771888

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