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Fred has a credit card that uses the average daily balance method, has a 30-day billing period, a 21-day grace period and charges 21 percent
Fred has a credit card that uses the average daily balance method, has a 30-day billing period, a 21-day grace period and charges 21 percent annual interest calculated (but not compounded) daily. His average daily balance for the billing period was $7900, and he could not pay it off until received his paycheque eight days after the statement due date. How much interest does he owe?
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