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A credit card has a balance of $3,236 at the beginning of the billing period (on the 10th) and charges 1.2% monthly interest on the
A credit card has a balance of $3,236 at the beginning of the billing period (on the 10th) and charges 1.2% monthly interest on the average daily balance. Hint: June has 30 days. Use the credit card activity below to (a) find the average daily balance, (b) calculate the finance charge (monthly interest) on the average daily balance for the billing period, and (c) find the new beginning balance for the next billing period. You will enter these answers in questions 11 through 13 below. Balance on billing date: $3,236 Date Activity Activity amount June 10th Billing date June 13th Payment $1,000 June 18th Kings tickets $280 July 4th Returned shoes $82 11) Find the average daily balance. 12) Find the finance charge for the billing period. 13) Find the beginning balance for the next billing period
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