Assume a purchase interest rate of 0.0333% per day. The current month has 30 days, and the billing period is from day 1 to day 30. You have no previous balances.

(a) You charge a $150 purchase on the fi rst day of the month. What do you owe if you pay this fully before the due date?

(b) Your credit card company receives your payment of $100 on the third day of the next billing period. This payment is received before the due date so there are no penalties.

What is your daily balance on the second day of the next billing period and on the third day of the next billing period?

(c) Assuming that this “ next ” billing period has 31 days, what is your purchase balance at the end of this month ’ s statement (assuming that you don ’ t use the card at all)?