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On May 1, the balance on your credit card is $748.09. On May 4, you make a purchase for $119.65. On May 11, you make
On May 1, the balance on your credit card is $748.09. On May 4, you make a purchase for $119.65. On May 11, you make a payment of $325. On May 17, you make a purchase for $32.74, and on May 28, you make a purchase for $43.57. Assume the billing date is the 1st of the month and the monthly finance charge is 2%. What is the average daily balance? What is the monthly finance charge? What is the balance at the start of the next month?
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