Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

10 of 10 (4 complete) d Honsanh su Transaction Amount The credit card with the transactions described on the right uses the average daily balance

image text in transcribed
10 of 10 (4 complete) d Honsanh su 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 2.5% of the average daily balance Calculate parts a-d using the statement on the right Transaction Description Previous balance, $6350.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge Groceries March 21 Charge: Car Repairs $230.00 March 31 End of billing period Payment Due Date: April 9 $400.00 credit $30 00 $70.00 a. Find the average daily balance for the billing period Round to the nearest cent The average daily balance for the billing period is $ 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 crediticard reduires a $10 minimum month cavment if the balance due et the end of the billina period is less than $360 Otherwise Enter youd answerinleach ontce ansiwercoxes 10 of 10 (4 complete) d Honsanh su 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 2.5% of the average daily balance Calculate parts a-d using the statement on the right Transaction Description Previous balance, $6350.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge Groceries March 21 Charge: Car Repairs $230.00 March 31 End of billing period Payment Due Date: April 9 $400.00 credit $30 00 $70.00 a. Find the average daily balance for the billing period Round to the nearest cent The average daily balance for the billing period is $ 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 crediticard reduires a $10 minimum month cavment if the balance due et the end of the billina period is less than $360 Otherwise Enter youd answerinleach ontce ansiwercoxes

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Entrepreneurial Finance

Authors: M. J. Alhabeeb

1st Edition

1118691512, 978-1118691519

More Books

Students also viewed these Finance questions

Question

What is the significance of customer acceptance provisions?

Answered: 1 week ago