Consider the following credit card activity for the month of November: Day Balance Number of Days...
Consider the following credit card activity for the month of November:
| Day | Balance | Number of Days |
| November 1 | $296 | 3 |
| November 4 | $384 | 6 |
| November 10 | $486 | 5 |
| November 15 | $577 | 7 |
| November 22 | $660 | 4 |
| November 26 | $799 | 4 |
| November 30 | 1 |
Suppose that a large purchase is made on November 30th. If the credit card's ADB for November is $602, how much money was this purchase for?
Note that this question is not asking for the balance on November 30th.
Round your answer to the nearest dollar.
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Consider the following credit card activity for the month of
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(b)Find the average daily balance. Write your answer to the
nearest cent.
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Here is Sam's credit card statement for the month of November. Date Transaction...
`1. With 30 Days in November, what is the average daily balance 2. Calculate interest in...
`1. With 30 Days in November, what is the average daily
balance
2. Calculate interest in November
3. What was the unpaid balance for November after interest is
charged?
4. If Nancy's account instead used the unpaid balance method,
calculate the finance charge and the new balance for the month of
November.
5. The new balance for the month of November would be
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Average Daily Balance: Most credit cards charge interest based on the average daily balance per billing cycle. In this case, each balance within the billing cycle is weighted by the number of days it exists. Suppose your credit card has a 30 day billing cycle and the balance for the next 30 days is given in the table below: balance # days Days Transaction (x) (w) 1−7 remaining balance $1200 7 8−13 $150 purchase $1350 6 14−22...
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(c)Suppose the credit
card company charges an interest rate of 1.3% on the average daily
balance for November found in part (b). How much interest will be
charged? Write your answer to the nearest cent.
(d)What will Sam's beginning balance be for the month of
December (including the interest for November found in part
(c))?
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`1. With 30 Days in November, what is the average daily
balance
2. Calculate interest in November
3. What was the unpaid balance for November after interest is
charged?
4. If Nancy's account instead used the unpaid balance method,
calculate the finance charge and the new balance for the month of
November.
5. The new balance for the month of November would be
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