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On the April 25 billing date, Malcolm had a balance due of $1554.22 on his credit card. The transactions during the following month were: DATED
On the April 25 billing date, Malcolm had a balance due of $1554.22 on his credit card. The transactions during the following month were:
DATED ESCRIPTION AMOUNT April 26Payment$165.45 April 30Charge: Lawnmower$274.38 May 3 Charge: Gift$82.90 May 7 Charge: Furniture $606.04
The interest rate on the card is 18.75% APR.
A. (6 pts) Find the Average Daily Balance.
The Average Daily Balance is.
B. (3 pts) Find the Finance Charge on May 25th, the new billing date.
The Finance Charge is.
C. (3 pts) Find the New Balance on May 25th.
The New Balance is.
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