Hamed only made the minimum required payment on his credit card in May. Thus he started the next 30-day billing period (...
Hamed only made the minimum required payment on his credit card in May. Thus he started the next 30-day billing period (June 1) with a balance of $587. Hamed used his credit card to book a holiday on June 10 for $2,500, and sent in another payment of $800 on June 25. His annual interest rate is 23%, compounded daily. How much interest will he be charged for the month of June? Using average daily balance method.
a) $40.54
b) $40.99
c) $41.66
d) $41.15
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Hamed only made the minimum required payment on his credit card in May. Thus he started the next 30-day billing period (...
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