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Antonio's MasterCard has a billing cycle that runs from the 1 5 t h of each month to the 1 4 t h of the
Antonio's MasterCard has a billing cycle that runs from the of each month to the of the next month. The APR
for the card is The following table shows his transactions for the period between April and May :
Complete the following table, and then follow the steps towards finding the finance charge and total balance after
interest is added. Show all work.
Calculate the average daily balance:
Calculate the periodic interest rate.
Calculate the finance charge interest to be added at the end of the month
Calculate the balance on Antonio's credit card bill on May the start of the next billing cycle.
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