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B: Calculate the average daily balance in $) for October for a revolving credit account with a previous month's balance of $110 and the following
B: Calculate the average daily balance in $) for October for a revolving credit account with a previous month's balance of $110 and the following activity. (Round your answer to the nearest cent.) Date Activity Amount October 3 Cash advance $50.00 October 7 Payment $75.00 October 10 Purchase $26.59 October 16 Credit $30.00 October 25 Purchase $121.60 average daily balance = $ C: On October 23, you plan to purchase a $1,200 computer by using one of your two credit cards. The Silver Card charges 18% interest and calculates interest based on the balance on the first day of the previous month. The Gold Card charges 18% interest and calculates interest based on the average daily balance. Both cards have a $0 balance as of October 1. The closing date is the end of the month for each card. January. All your payments will be received and posted on the 10th of each Your plan is to make a $400 payment in November, make a $400 payment in December, and pay off the remaining balance month. No other charges will be made on the account. (Round your answers to the nearest cent.) (a) Based on this information, calculate the interest (in $) charged by each card for this purchase. Silver Card $ $398.88 x Gold Card $ (b) Which card is the better deal and by how much in $)? The --Select- is the better deal by $
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