Question

The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.3% of the average daily balance. Calculate parts a-d using the statement in the popup. Click the icon to view the credit card statement a. Find the average daly balance for the billing period. Round to the nearest cont. The average daily balance for the billing period is (Round to the nearest cent as needed.) Credit Card Statement Transaction Amount Transaction Description Previous balance, $2649.61 Juno 1 Billing date June 6 Payment June 8 Charge: Gas June 9 Charge: Groceries June 17 Charge: Gas Charge: Grocenos June 27 Charge: Clothing June 30 End of billing period Payment Due Date: July 9 S1100.00 credit $34.38 $136.51 541.75 $125.33 $214.04 Print Done Enter your answer in the answer box and then click Check Answer

Answer 1

Date Junel June 6 June8 June 9 unpaid Balance $2649-61 $2649.61-$1100= $1549.61 $1549.61 + $34.38 = $1583.99 Previous month unpaid balance ($1100 credit amount) ($34.38 charge) ($136.51 charge) ($41.75, $125,33 Charges) June 17 $1583.99+ $136.51= $1720.5 $1720.5 +$41.75+125.33 =$1887.58 $1887.58+$214.04=$2101.69 June 27 ($214.04 charge) wanaid No. of days (unald bolance x No 9 days Date I Balance ad each weapaid da so June 1 $2649.61 13248.05 Junes $1549.61 3099.22 1583.99 Juau 8 $ 1583.99 13764 June 9 $172015 Jure 17 $1887.58 18875.8 Jual 27 $2101162 8 406.48 (30 58977.54 average daily baleena 258977.54 $1965.9 30

Answer 2

The credit card with the transactions described on the right uses the average daily balance method to calculate interest.  The monthly interest rate is 1.5% of the average daily balance.  Calculate parts a-d using the statement on the right. a. Find the average daily balance for the billing period.  Round to the nearest cent. The average daily balance for the billing period is $nothing b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent. The interest to be paid on April is $. c. Find the balance due on April 1 is $. d. This credit card requires a $10 minimum monthly payment if the balance due at the end of the billing process is less than 360. Otherwise, the minimum monthly payment  is 1/36 of the balance due at the end of the billing period, rounded up to the nearest whole dollar. What is the minimum monthly payment due by April 1?		Transaction Description	Transaction Amount
		Previous balance, $6310.00
		March 1 Billing date
		March 5 Payment	$350.00 credit
		March 7 Charge: Restaurant	$60.00
		March 12 Charge: Groceries	$70.00
		March 21 Charge: Car Repairs	$230.00
		March 31 End of billing period
		Payment Due Date: April 9