A credit card account had a balance of $959 on May 5. A purchase of $285 was made on May 17, and a payment of $150 was made on May 20. The interest on the average daily balance is 1.5% per month. Find the average daily balance on the June 5 bill. (Round your answer to the nearest cent.

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Q: Use the average daily balance method to compute the finance charge on the credit card account for…

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Q: A credit card bill for $660 was due on July 1. Purchases of $375 were made on July 7, and $310 was…

A: Credit card issuing companies charges monthly interest on any unpaid balance. For computing the…

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A: Hi There, thanks for posting the question. But as per Q&A guidelines, we must answer the first…

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A:

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Credit card

A credit card is provided by financial institutions or banks, which permits a person to borrow money on a preapproved limit for purchases on a credit basis. The credit limit is decided by the institution and bank which issues a credit card depending on the person’s credit score and income. A cardholder can use the card for credit purchases, a balance transfer, cash advances.