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Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper number of days
Find the average daily balance for the credit card with the following transactions. Assume one month between billing dates using the proper number of days in the month. Then find the finance charge if interest is 1.5% per month on the average daily balance. Finally, find the new balance.
Previous balance | $450.45 | |
Billing Date | Jan 15 | |
Date | Transaction | Amount |
Jan. 20 | Return | $102.21 |
Jan. 23 | Purchase | $34.21 |
Jan. 30 | Purchase | $48.90 |
Feb 5 | Payment | $120 |
What is the Average daily balance?
What is the finance charge?
The new balance is?
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