Consider the following credit card activity for the month of October: Date Balance Number of Days...
Consider the following credit card activity for the month of October:
| Date | Balance | Number of Days |
| October 1 | $277 | 4 |
| October 5 | $391 | 7 |
| October 12 | $454 | 7 |
| October 19 | $575 | 5 |
| October 24 | $691 | 5 |
| October 29 | $778 | 3 |
If this card's annual APR is 26.47% and the balance is paid during the grace period, what is the total amount owed for October?
Round your answer to the nearest dollar.
Homework Answers
Answer
| Particulars/balance (A) | Days(B) | Amount(A*B) |
| $ 277 | 4 | $ 1,108 |
| $ 391 | 7 | $ 2,737 |
| $ 454 | 7 | $ 3,178 |
| $ 575 | 5 | $ 2,875 |
| $ 691 | 5 | $ 3,455 |
| $ 778 | 3 | $ 2,334 |
| Total: | 31 | $ 15,687 |
Calculation of interest @ 26.47%
= $ 15,687 * 26.47% = $ 4,152.3489 / 365 = $ 11.38
Total amount = $ 778 + $ 11.38 = $ 789.38
In case of any doubt, please comment.
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