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The unpaid balance at the start of a 28-day billing cycle was $990.01. A $6,000 purchase was made on the first day of the billing
The unpaid balance at the start of a 28-day billing cycle was $990.01. A $6,000 purchase was made on the first day of the billing cycle and a $100 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 24.07% 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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