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Riley tried the following homework question: On July 1 st, the billing date, Jenson's American Express credit card account had a balance of $375.80. The
Riley tried the following homework question: On July 1 st, the billing date, Jenson's American Express credit card account had a balance of $375.80. The transactions during the month of July were: The card has a low-interest rate of 1.3% per month. What is the balance due on August 1 st? The instruction hinted that "to find the balance due, you need to calculate the Average Daily Balance (ADB)." So Riley made a running balance table and got ADB=372.08, finance charge =4.84, and Riley wasn't sure what to do next to answer the final question "balance due on August 1st"? Please make a running balance table to show the ADB Riley got, and further explain how to find the final balance on August 1st. What is the balance due on August 1st? Be specific with your answer. Riley tried the following homework question: On July 1 st, the billing date, Jenson's American Express credit card account had a balance of $375.80. The transactions during the month of July were: The card has a low-interest rate of 1.3% per month. What is the balance due on August 1 st? The instruction hinted that "to find the balance due, you need to calculate the Average Daily Balance (ADB)." So Riley made a running balance table and got ADB=372.08, finance charge =4.84, and Riley wasn't sure what to do next to answer the final question "balance due on August 1st"? Please make a running balance table to show the ADB Riley got, and further explain how to find the final balance on August 1st. What is the balance due on August 1st? Be specific with your
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