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8.8.1 credit card problem The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly
8.8.1 credit card problem
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 Transaction Description Amount Previous balance, $6340.00 March 1 Billing date March 5 Payment $300.00 credit March 7 Charge: Restaurant $40.00 March 12 Charge: Groceries $80.00 March 21 Charge: Car Repairs $240.00 March 31 End of billing period Payment Due Date: April 9 a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $0. (Round to the nearest cent as needed.)Step by Step Solution
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