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John Smith has a credit card that charges 13 % annual interest on the monthly average daily balance for the billing cycle. The current billing
John Smith has a credit card that charges 13 % annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 28 days. For 15 days his balance was $2,517.09. For 6 days the balance was $1,517.09. And for 7 days the balance was $1,890.12.
Find the average daily balance. Find the amount of interest. The average daily balance is $ The amount of interest is $ (Round to the nearest cent as needed.)
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