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2 questions Please answer both for all points, include the rounding in your answer A credit card calculates interest using the average daily balance method.
2 questions
Please answer both for all points, include the rounding in your answer
A credit card calculates interest using the average daily balance method. The card charges 23.4% annual interest rate on the average daily balance. The following transactions occurred during the March 1 - March 31 billing period. The balance at the end of March was $6290.00, and the interest to be paid on April 1 is $122.22. Find the balance due on April 1. Round to the nearest cent. 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. The average daily balance for the billing period is $1,805.59. Find the interest to be paid on July 1, the next billing date. Round to the nearest centStep by Step Solution
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