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Suppose your MasterCard calculates interst using the average daily balance method, and the monthly interest rate is 2.15%. The itemized billing for the month of
Suppose your MasterCard calculates interst using the average daily balance method, and the monthly interest rate is 2.15%. The itemized billing for the month of August is shown below. (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 $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? S
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