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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

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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 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.)

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