question archive The credit card with the transactions described on the right uses the average daily balance method to calculate interest
The credit card with the transactions described on the right uses the average daily balance method to calculate interest
Subject:MathPrice: Bought3
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is
2.5
?%
of the average daily balance. Calculate parts? a-d using the statement on the right.
Transaction Description
Transaction Amount
Previous? balance,
?$6310.00
March 1 Billing date
March 5 Payment
?$300.00
credit
March 7? Charge: Restaurant
?$30.00
March 12? Charge: Groceries
?$100.00
March 21? Charge: Car Repairs
?$270.00
March 31 End of billing period
Payment Due? Date: April 9
a. Find the average daily balance for the billing period. Round to the nearest cent.
The average daily balance for the billing period is
?$nothing
.
?(Round to the nearest cent as? needed.)
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 1 is
?$nothing
.
?(Use the answer from part a to find this answer. Round to the nearest cent as? needed.)
c. Find the balance due on April 1.
The balance due on April 1 is
?$nothing
.
?(Use the answer from part b to find this? answer.)
d. This credit card requires a? $10 minimum monthly payment if the balance due at the end of the billing period is less than? $360. ? Otherwise, the minimum monthly payment is
StartFraction 1 Over 36 EndFraction
of the balance due at the end of the billing? period, rounded up to the nearest whole dollar. What is the minimum monthly payment due by April? 9?
The minimum monthly payment is
?$nothing
.
?(Use the answer from part c to find this answer. Round up to the nearest? dollar.)
Enter your answer in each of the answer boxes.
