Calvin’s credit card computes finance charges using the daily balance method. His card has a billing cycle of 30 days and an APR of 14.75%.
Answer:
Date
Amount ($)
Transaction
9/1
716.54
Beginning balance
9/7
84.94
Purchase
9/12
15.69
Purchase
9/20
200.00
Payment
What will Calvin’s starting balance be next month?
c.
$625.91