QUESTION 4 OF 10 A credit card calculates interest using the average daily balan

Question

QUESTION 4 OF 10 A credit card calculates interest using the average daily balance method. The card charges 19.0% annual interest rate on the average daily balance. The following transactions occurred during the June 1 - June 30 billing period. Transaction Description Transaction Amount Previous balance, $2653.49_ June 1 Billing date June 6 Payment $1300.00 credit June 8 Charge: Gas $34.38 June 9 Charge: Groceries $138.16 June 17 Charge: Gas $41.36 Charge: Groceries $128.21 June 27 Charge: Clothing $214.67 June 30 End of billing period Payment Due Date: July 9 The balance at the end of June was $1,910.27, and the interest to be paid on July 1 is $28.20. Find the balance due on July 1. Round to the nearest cent as needed.

Explanation / Answer

Balance due on July 1 = $(1910.27+28.20)

=$1938.47

Related Questions

Navigate

• Browse (All)
• Browse Q
• Subjects

---

---

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