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Suppose your VISA card calculates interest using the average daily balance method, and the monthly interest rate is 1 . 2 % . The itemized
Suppose your VISA card calculates interest using the average daily balance method, and the monthly interest rate is The itemized billing for the month of April is shown below.
Detail Date Amount
Unpaid balance April $
Charge April $
Charge April $
Charge April $
Payment received April $
Last day of billing period April
Payment due date May
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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