Question
Suppose your VISA card calculates interest using the average daily balance method, and the monthly interest rate is 1.35%. The itemized billing for the month
Suppose your VISA card calculates interest using the average daily balance method, and the monthly interest rate is 1.35%. The itemized billing for the month of April is shown below.
Detail Date Amount Unpaid balance April 1 560 Charge April 3 590 Charge April 11 620 Charge April 15 785 Payment received April 28 110 Last day of billing period April 30 Payment due date May 7
(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 $20 minimum payment or 1/36 of the amount due, whichever is higher. What is the minimum monthly payment due for this month?
The question about Business Math, and Excuse me If explain it on paper, I will appreciate it.
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