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Explain how can I get the interest paid on April 1? The credit card with the transactions described on the right uses the average daily
Explain how can I get the interest paid on April 1?
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The annual interest rate is 30% of the average daily balance. Calculate parts a-c using the statement on the right. The average daily balance for the billing period is dollar 6119.03 .(Round to the nearest cent as needed.) Find the interest to be paid on April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 1 is dollar 156.00 (Use the answer from part a to find this answer. Round to the nearest cent as needed.) Find the balance due on April 1. The balance due on April 1 is dollar 6396.00 (Use the answer from part b to find this answer.)Step by Step Solution
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