Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Here is Goran's credit card statement for the month of August. Transaction Date Transaction amount August 1 Beginning balance $1560.20 August 10 Purchase $600.50 August
Here is Goran's credit card statement for the month of August. Transaction Date Transaction amount August 1 Beginning balance $1560.20 August 10 Purchase $600.50 August 14 Payment $951.00 August 26 Purchase $650.48 (a) Use the credit card statement to help ll in the table below. Note that there are 31 days in August. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Date Transaction Transaction Unpaid Number of days at that balance Unpaid x Number amount balance balance of days August 1 Beginning balance $1560.20 $1560.20 9 days (from August 1 through August 9) $14,041.80 August 10 Purchase $600.50 $2160.70 I] days (from August 10 through August 13) $I:I August 14 Payment $951.00 $I] 12 days (from August 14 through August 25) $I:I August 26 Purchase $650.48 $I:I 6 days (from August 26 through August 31) $I:I Total: 31 days Total: $|:| (b) Find the average daily balance. Write your answer to the nearest cent. s (c) Suppose the credit card company charges an interest rate of 1.6% on the average daily balance for August found in part (b). How much interest will be charged? Write your answer to the nearest cent. $l] (d) What will Goran's beginning balance be for the month of September (including the interest for August found in part (C))? $l]
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