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John Smith has a credit card that charges 14% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle
John Smith has a credit card that charges 14% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 29 days. For 12 days his balance was $2,512.62. For 8 days the balance was $1,512.62. And for 9 days the balance was $1,856.81. 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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