Chapter 13 Chapter 15 Chapter 3
Question 15. Question:( 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. Question:( TCO 3) Sarah Russell starts the month with a balance of $ 1,000 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. Sarah ' s interest rate is 1.5 % for the month. Sarah ' s bank calculates the finance charge on the credit card by using the