Calculate the monthly finance charge using the Adjust Balance Method

Calculate the monthly finance charge for the following credit card transaction. Assume that it takes 10 days for a payment to be received and recorded and that the month is 30 days long. (Round your answer to the nearest cent.)

$500 balance, 20% rate, $400 payment, adjusted balance method
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$500 balance, 20% rate, $400 payment, adjusted balance method

cost of asset $500,Depreciation rate 20%, payback $400

Metho depreciation=500*0.2*30/360=..................!!!!!

 

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