Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Partially Correct Your answer is incorrect. (b): One of the digits in your answer is wrong. Check your work carefully . (c) Your answer is

image text in transcribed
Partially Correct Your answer is incorrect. (b): One of the digits in your answer is wrong. Check your work carefully . (c) Your answer is incorrect. (d): Your answer is incorrect. Here is Mai's credit card statement for the month of April. Date Transaction Transaction amount Aprill Beginning balance S1600.08 April 16 Payment $620.00 April 23 Purchase S56.45 April 25 Payment S100.00 (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in April. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Date Transaction Transaction Unpaid Unpaid Number amount balance Number of days at that balance balance of days April Beginning balance S1600.08 S1600.08 15 days (from April I through April 15) $24,001.20 April 16 Payment S620.00 S980.08 7 days (from April 16 through April 22) 56860.56 April 23 Purchase $56.45 S1036.53 2 days (from April 23 through $2073.06 April 24) April 25 Payment $100.00 $936.53 6 days (from April 25 through S5619.18 April 30) Total: 30 days Total: $38554 $ ? (b) Find the average daily balance. Write your answer to the nearest cent. $1285.23 (C) Suppose the credit card company charges an interest rate of 1.3% on the average daily balance for April found in part (b). How much interest will be charged? Write your answer to the nearest cent. $1670.80 (d) What will Mal's beginning balance be for the month of May (including the interest for April found in part (c))? $1607.33

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Ledger Book

Authors: Alpha Planners Publishing

1st Edition

B09VWKPJSG, 979-8432472564

More Books

Students also viewed these Finance questions

Question

5. What are presentation aids?

Answered: 1 week ago