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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 25%
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 25% of the average dally balance Calculate parts a-d using the statement on the right a. Find the average daily balance for the billing penod Round to the nearest cent The average daily balance for the billing period is S (Round to the nearest cent as needed) b Find the interest to be paid on April 1 the next billing date Round to the nearest The interest to be paid on April 1 is $ (Use the answer from part a to find this answer Round to the nearest cent as need c. Find the balance due on Apnl 1 The balance due on Aprit 1 is 5 (Use the answer from part b to find this answer) d. This credit card requires a $10 minimum monthly the billing period rounded up to the nearest whole douar The minimum monthly payment is S
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