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Here is Michael's credit card statement for the month of July. Date Transaction Transaction amount $1600.25 $68.02 July 1 Beginning balance July 5 Purchase July
Here is Michael's credit card statement for the month of July. Date Transaction Transaction amount $1600.25 $68.02 July 1 Beginning balance July 5 Purchase July 12 Purchase July 27 Payment $140.50 $150.00 (a) Use the credit card statement to help fill in the table below. Note that there are 31 days in July. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Transaction Date Transaction Unpaid Number balance of days July 1 Beginning balance Unpaid Number of days at that balance amount balance S1600.25 $1600.25 4 days (from July 1 through July 4) $68.02 $1668.27 days (from July 5 through July 11) $140.50 si 15 days (from July 12 through July 26) $ 150.00 s 5 days (from July 27 through July 31) $6401.00 si July 5 Purchase July 12 Purchase July 27 Payment $ Total: $0 Total: 31 days (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 1.3% on the average daily balance for July found in part (b). How much interest will be charged? Write your answer to the nearest cent. sl (d) What will Michael's beginning balance be for the month of August (including the interest for July found in part (c))? si
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