The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is

1.5%

of the average daily balance. Calculate parts a-d using the statement on the right.

Transaction DescriptionTransaction Amount

Previous balance,

$6250.00

March 1 Billing dateMarch 5 Payment

$300.00

credit

March 7 Charge: Restaurant$30.00March 12 Charge: Groceries$100.00March 21 Charge: Car Repairs$280.00March 31 End of billing periodPayment Due Date: April 9

Question content area bottom

Part 1

a. Find the average daily balance for the billing period. Round to the nearest cent.

The average daily balance for the billing period is

$enter your response here.

(Round to the nearest cent as needed.)

Part 2

b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent.

The interest to be paid on April 1 is

$enter your response here.

(Use the answer from part a to find this answer. Round to the nearest cent as needed.)

Part 3

c. Find the balance due on April 1.

The balance due on April 1 is

$enter your response here.

(Use the answer from part b to find this answer.)

Part 4

d. This credit card requires a $10 minimum monthly payment if the balance due at the end of the billing period is less than $360. Otherwise, the minimum monthly payment is

136

of the balance due at the end of the billing period, rounded up to the nearest whole dollar. What is the minimum monthly payment due by April 9?

The minimum monthly payment is

$enter your response here.

(Use the answer from part c to find this answer. Round up to the nearest dollar.)