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Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 2 . 4 % . The itemized billing
Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is The itemized billing for the month of August is shown below.
Detail Date Amount
Unpaid balance August
Charge August
Charge August
Charge August
Payment received August
Last day of billing period August
Payment due date September
a Find the average daily balance. $
b Find the interest due for this month. $
c Find the total balance owed on the last day of the billing period. $
d This credit card requires a $ minimum payment or of the amount due, whichever is higher. What is the minimum monthly payment due for this month?
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