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(b)Find the average daily balance. Write your answer to the nearest cent. (c)Suppose the credit card company charges an interest rate of 1.3% on the
(b)Find the average daily balance. Write your answer to the nearest cent. | |
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(c)Suppose the credit card company charges an interest rate of 1.3% on the average daily balance for November found in part (b). How much interest will be charged? Write your answer to the nearest cent. | |
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(d)What will Sam's beginning balance be for the month of December (including the interest for November found in part (c))? | |
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Here is Sam's credit card statement for the month of November. Date Transaction November 1 Beginning balance November 16 Payment November 23 Purchase November 25 Payment Transaction amount $ 1600.08 S620.00 $56.45 $100.00 (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Date Transaction November 1 Beginning balance November 16 Payment November 23 Purchase November 25 Payment Transaction Unpaid amount balance Number of days at that balance $1600.08 $1600.08 15 days (from November 1 through November 15) S620.00 $980.08 days (from November 16 through November 22) $56.45 s. 2 days (from November 23 through November 24) $100.00 s6 days (from November 25 through November 30) Total: 30 days Unpaid Number balance of days $24,001.20 $ $ $ Total: $0 x $
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