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Question 15. 15. (TCO 3) Allison Smith starts the month with a
balance of $1,100 on her credit card. On the 10th day of the month,
she purchases $200 in clothes with her credit card. On the 15th day of
the month, she makes a payment on her credit card of $500. The
average daily balance for the month including the new purchase is
$883. The average daily balance for the month excluding the new
purchase is $750. Allison's interest rate is 1.5% for the month.
Allison's bank calculates the finance charge on the credit card by
using the adjusted balance method. What would Allison's finance
charges be for the month?
$7.50
$9.00
$11.25
$13.25
$16.50
Question 16. 16. (TCO 3) Jerry Dean starts the month with a balance
of $1,500 on his credit card. On the 10th day of the month, he
purchases $200 in clothes with his credit card. On the 15th day of the
month, he makes a payment on his credit card of $500. The average
daily balance for the month including the new purchase is $883. The
average daily balance for the month excluding the new purchase is
$750. Jerry's interest rate is 1.5% for the month. Jerry's bank
calculates the finance charge on the credit card by using the previous
balance method. What would Jerry's finance charges be for the month?
$7.50
$13.25