Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Here is Amanda's credit card statement for the month of May. Date Transaction Transaction amount $1900.07 $920.00 May 1 Beginning balance May 5 Payment May
Here is Amanda's credit card statement for the month of May. Date Transaction Transaction amount $1900.07 $920.00 May 1 Beginning balance May 5 Payment May 12 Purchase May 27 Payment $74.65 $600.00 (a) Use the credit card statement to help fill in the table below. Note that there are 31 days in May. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Transaction Date Transaction Unpaid balance Number of days at that balance amount May 1 Beginning balance May 5 Payment May 12 Purchase $1900.07 $1900.07 4 days (from May 1 through May 4) $920.00 $980.07 days (from May 5 through May 11) $74.65 $. 15 days (from May 12 through May 26) $600.00 $ 5 days (from May 27 through May 31) Total: 31 days Unpaid Number balance of days $7600.28 $0 so $ Total: $ May 27 Payment (b) Find the average daily balance. Write your answer to the nearest cent. si (C) Suppose the credit card company charges an interest rate of 1.3% on the average daily balance for May found in part (b). How much interest will be charged? Write your answer to the nearest cent. s] (d) What will Amanda's beginning balance be for the month of June (including the interest for May found in part (C)? si
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started