The credit card statement says the daily periodic rate is 0.04381%. Explain how this percentage was calculated.

Now, find the average daily balance and the new balance.The billing period is from March 30 to April 27.

PIGGY BANK USA CreditCard PLATINUM PIGGY CARD STATEMENT PAGE 1 of 1 ACCOUNT SUMMARY PAYMENT SUMMARY BALANCE SUMMARY Account 0909 9999 9999 0999 Number Minimum Payment ??? Previous Balance 52,250.00 Payment/Credits ??? Total Credit Limit $5,000.00 Payment Due Date 05/21/08 Purchases/Debits ? ?? Total Credit Limit $2,465.80 Available Current Payment Due ??? Finance Charge + ??? Statement Date 04/27/08 New Balance ??? FLYING PIG REWARDS SUMMARY Previous Pig Points 2,500 Earned Points 300 Total Points 2,800 TRANSACTION SUMMARY Amount Trans Date Transaction Description Reference Number Charges Credits 04/02 Grocery Store XX999XXXX9 $75.00 04/05 Book Store XX999XXXX9 $25.00 04/10 Movie Theater XX999XXXX9 $25.00 04/11 Restaurant XX999XXXX9 $50.00 04/15 Gas/Electricity XX999XXXX9 $50.00 04/21 04/22 Payment XX999XXXX9 + $50.00 Concert Tickets XX999XXXX9 $60.00 04/22 Movie Rental XX999XXXX9 $15.00 FINANCE CHARGE CALCULATION This is a grace account. Grace period information on back. FINANCE CHARGE Average Daily Days in Cash Advance Annual Daily Periodic Billing Transaction Percentage Balance Rate Cycle Fees Rate Balance Transfer $0.00 0.00000% $2,409.48 29 $0.00 Purchases 0.04381% 29 $30.61 0.000% 15.990%