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The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2
The credit card with the
transactions described on the right
uses the average daily balance
method to calculate interest. The
monthly interest rate is of the
average daily balance. Calculate
parts ad using the statement on
the right.
a Find the average daily balance for the billing period. Round to the nearest cent.
The average daily balance for the billing period is $
Round to the nearest cent as needed.
b Find the interest to be paid on April the next billing date. Round to the nearest cent.
The interest to be paid on April is $
Use the answer from part a to find this answer. Round to the nearest cent as needed.
c Find the balance due on April
The balance due on April is $
Use the answer from part to find this answer.
d This credit card requires a $ minimum monthly payment if the balance due at the end of the billing period is less than $
Otherwise, the minimum monthly payment is 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
The minimum monthly payment is $
Use the answer from part c to find this answer. Round up to the nearest dollar.
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