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The unpaid balance at the start of a 28-day billing cycle was $984.01. A $4,000 purchase was made on the first day of the billing
The unpaid balance at the start of a 28-day billing cycle was $984.01. A $4,000 purchase was made on the first day of the billing cycle and a $150 payment was credited to the account on day 21. How much interest will be charged at the end of the billing cycle? Assume that the annual interest rate on a credit card is 24.96% and interest is calculated by the average daily balance method. At the end of the billing cycle, $will be charged in interest. (Round to the nearest cent as needed.)
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