Question 4)

Suppose you have an outstanding balance in your credit card account of $588.76 at the beginning of the month. During the month, you make the following transactions:

Day	Amount	Type		Day	Amount	Type
1	$36.50	Purchase		20	$45.65	Purchase
3	$11.03	Return		20	$89.10	Purchase
4	$91.34	Purchase		23	$99.21	Payment
9	$91.08	Purchase		24	$77.09	Payment
10	$15.56	Purchase		24	$7.78	Purchase
14	$28.92	Purchase		25	$88.45	Purchase
14	$87.73	Return		29	$82.79	Return
16	$464.28	Payment		30	$42.92	Purchase

Assume the month has 30 days. Use an interest rate of 1.25% per month. Use a Microsoft Excel spreadsheet to

a. find the day during the month when your end-of-day balance was the least.

1. day ____________

2. balance ____________

b. find the day during the month when your end-of-day balance was the greatest.

1. day ____________

2. balance ____________

c. calculate the balance on your account at the end of the month before the bank adds interest. ____________

d. calculate the total dollar amount of all the purchases you placed on your account during the month. ____________

e. calculate the total dollar amount of all the payments you placed on your account during the month. ____________

f. calculate the total dollar amount of all the returns you placed on your account during the month. ____________

g. calculate the total dollar amount of the thirty end-of-day balances on your account for the month. ____________

h. calculate the net change to your balance over the course of the month. _____________

i. calculate the average daily balance on your account for the month. ____________

j. calculate the interest the bank will charge on your account for the month. ____________

k. calculate the new balance on your account at the end of the month. ____________