Transaction Amount The credit card with the transactions described on the right

Question

Transaction Amount 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 Transection Description s balance, $6250.00 March 1 Billing date 5 Payment 7 Charge: Restaurant 00.00 credit 0.00 parts a-d using the statement on March 12 Charge:Groceris March 21 Charge: Car Repairs $270.00 March 31 End of billing period Payment Due Date: April 9 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 s (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 s (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 (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 les the nearest whole dollar. What is the minimum monthly payment due by April 9? The minimum monthly payment is s (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.

Explanation / Answer

a. Averge daily balance = 6250(4)+ 5850(2)+5910(5)+5980(9)+6250(11)/31

=188820/31 =6090.968 =6091

b. Interest = 6091*1.5% = 91.365 = 91

c. The balance on April 1 is again 6250

Opening= 6250-400+60+70+270=6250

d. THE DATA IS MISSING REGARDING LESS THAN ..................

Thank you

Related Questions

Navigate

• Browse (All)
• Browse T
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.