Question
Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.3%. The itemized billing for the month
Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.3%. The itemized billing for the month of August is shown below. Detail Date Amount Unpaid balance August 1 $620 Charge August 9 $980 Charge August 10 $560 Charge August 18 $455 Payment received August 25 $305 Last day of billing period August 31 Payment due date September 7 (a) Find the average daily balance. $ (b) Find the interest due for this month. S (c) Find the total balance owed on the last day of the billing period. $ (d) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $
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