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7.) The Discover card charges 1.75% monthly on remaining balances. They use the average daily balance method to determine interest. Given Elis credit card activity,

7.) The Discover card charges 1.75% monthly on remaining balances. They use the average daily balance method to determine interest. Given Elis credit card activity, determine the following:

Previous Balance

$200

April 10

Billing Date

April 11

Target purchase

$600

April 18

Payment

$300

April 29

Grocery shopping

$400

Date

Running Balance

Number of Days Until Balance Changed

(Running Balance) x (Number of Days)

Totals:

(a) The average daily balance for the next billing (May 10).

(b) The finance charge to appear on the May 10 billing, and

(c) The account balance on May 10

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