Question
I get part of the answers right but get at least 2 wrong. can someone break it down for me so i can see where
I get part of the answers right but get at least 2 wrong. can someone break it down for me so i can see where i'm going wrong.
Suppose your VISA card calculates interest using the average daily balance method, and the monthly interest rate is 2.6%. The itemized billing for the month of April is shown below.
Detail | Date | Amount |
---|---|---|
Unpaid balance | April 1 | 140 |
Charge | April 3 | 1190 |
Charge | April 11 | 185 |
Charge | April 15 | 350 |
Payment received | April 28 | 455 |
Last day of billing period | April 30 | |
Payment due date | May 7 |
(a) Find the average daily balance. $1515.17 Correct (b) Find the interest due for this month. $39.39 Correct (c) Find the total balance owed on the last day of the billing period. $1555.56 Incorrect $1449.3943333333 Correct (d) This credit card requires a $20 minimum payment or 1/36 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $ 43.19 incorrect
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