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The credit card with the itemized billing statement below uses the average daily balance method to calculate interest. The monthly interest rate is 1.7%.
The credit card with the itemized billing statement below uses the average daily balance method to calculate interest. The monthly interest rate is 1.7%. Find the minimum monthly payment due on July 9 if the minimum monthly payment is 1/25th of the balance due on July 1st, rounded up to the nearest dollar. Show work. Transaction description Previous balance, $2645.04 Transaction amount June 1 Billing Date June 6 Payment $1800.00 credit June 8 Charge: Gas $41.37 June 17 Charge: groceries $130.01 June 30 End of billing period Payment Due Date: July 9
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