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studying for math test, can you explain this step by step please Here is Eric's credit card statement for the month of June. Date Transaction
studying for math test, can you explain this step by step please
Here is Eric's credit card statement for the month of June. Date Transaction June 1 June 15 June 21 Payment June 25 Purchase Beginning balance Purchase Date (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in June. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Transaction Transaction amount $1640.10 June 1 June 15 June 21 Payment June 25 Purchase Beginning balance Purchase $600.50 $983.00 $860.47 Transaction Unpaid Number of days at that balance amount balance $1640.10 $1640.10 14 days (from June 1 through June 14) $600.50 $2240.60 days (from June 15 through June 20) $4 days (from June 21 through June 24) $6 days (from June 25 through June 30) Total: 30 days $983.00 $860.47 (b) Find the average daily balance. Write your answer to the nearest cent. $0 Unpaid Number balance of days X $22,961.40 $ $ $ Total: $ (c) Suppose the credit card company charges an interest rate of 1.4% on the average daily balance for June found in part (b). How much interest will be charged? Write your answer to the nearest cent. $0 (d) What will Eric's beginning balance be for the month of July (including the interest for June found in part (c))Step by Step Solution
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