Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Here is Kala's credit card statement for the month of December. Date Transaction December 1 Beginning balance December 4 Purchase Transaction amount $1200.25 $48.08 $430.30
Here is Kala's credit card statement for the month of December. Date Transaction December 1 Beginning balance December 4 Purchase Transaction amount $1200.25 $48.08 $430.30 $250.00 December 8 Purchase December 22 Payment (a) Use the credit card statement to help fill in the table below. Note that there are 31 days in December. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Date Transaction December 1 Beginning balance December 4 Purchase December 8 Purchase Transaction Unpaid Number of days at that balance amount balance $1200.25 $1200.25 3 days (from December 1 through December 3) $48.08 $1248.33 days (from December 4 through December 7) $430.30 $ 14 days (from December 8 through December 21) $250.00 $10 days (from December 22 through December 31) Total: 31 days Unpaid Number balance of days $3600.75 $ $0 $ Total: $] December 22 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 1.4% on the average daily balance for December found in part (b). How much interest will be charged? Write your answer to the nearest cent. $ (d) What will Kala's beginning balance be for the month of January (including the interest for December found in part (c))? $
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