The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is $2\mathrm{.}5\%$ of the average daily balance. Calculate parts$$ a$-$d using the statement on the right.

Transaction Description

Transaction Amount

Previous$$ balance, $$$$6230\mathrm{.}00$

March $1$ Billing date

March $5$ Payment

$$$$300\mathrm{.}00$ credit

March $7$ Charge: Restaurant

$$$$30\mathrm{.}00$

March $12$ Charge: Groceries

$$$$90\mathrm{.}00$

March $21$ Charge: Car Repairs

$$$$270\mathrm{.}00$

March $31$ End of billing period

Payment 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 $$$

$$

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