The balance on a credit card, that charges a 28.5%
APR interest rate, over a 1 month period is given
in the following table:
Days 1-3: $150 (initial balance)
Days 4-20: $200 ($50 purchase)
Days 21-30: $50 ($150 payment)
What is the finance charge, on the average daily
balance, for this card over this 1 month period?
Hint: First, calculate the balance for the 30 days. To do this,
take the number of days and multiply it by the balance.
Now, calculate the total.
3($150) + 17($200) + 10($50) = $[?]
