Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

CONSUMER MATHEMATICS Computing the average daily balance, Interest, and balance for.. Ar Here is Jose's credit card statement for the month of March Date Transaction

image text in transcribed
image text in transcribed
CONSUMER MATHEMATICS Computing the average daily balance, Interest, and balance for.. Ar Here is Jose's credit card statement for the month of March Date Transaction March ! Beginning balance March 5 Purchase March 12 Purchase March 27 Payment Transaction amount S1600.25 S68.02 S140.50 S150.00 (a) Use the credit card statement to help fill in the table below. Note that there are 31 days in March. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Date Transaction March 1 Beginning balance March 5 Purchase March 12 Purchase March 27 Payment Transaction Unpaid amount Number of days at that balance balance S160025 $1600.25 4 days (from March 1 through March 4) $68.02 S1668.27 days (from March 5 through March 11) $140.50 SO 15 days (from March 12 through March 26) S150.00 s 5 days (from March 27 through March 31) Total: 31 days Unpaid Number balance of days S6401.00 so si se Total: ? X (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 average daily balance for March found in part (b). How much interest will be charged? Write your answer to the nearest cent. si (d) What will Jose's beginning balance be for the month of April (Including the interest for March found in part (c))

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Finance Applications And Theory

Authors: Marcia Cornett, Troy Adair, John Nofsinger

2nd Edition

0073530670, 9780073530673

More Books

Students also viewed these Finance questions