The balance on Ramon Felipe's credit card on January 20, his billing date, was $205.12. For the periodending February 20, Ramon had the following transactions to the right.a) Find the average daily balance for the billing period.b) Find the finance charge to be paid on February 20. Assume an interest rate of 1.2% per month.c) Find the balance due on February 20.a) The average daily balance for the billing period was $(Round to the nearest cent as needed.)b) The finance charge to be paid on February 20 is $(Round to the nearest cent as needed.)c) The balance due on February 20 is $(Round to the nearest cent as needed.)January 23January 29February 7February 9Charge:Restaurant mealPaymentCharge:Lawn ornamentsCharge:Microwave oven$47.21$160.00$57.92$127.22

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Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. A. Find the interest to be paid on july 1, the next billing date. Round to the nearest cent. The interest to be paid on july 1 $__
The balance on Ramon Felipe's credit card on January 19, his billing date, was $313.13. For the period ending February 19, Ramon had the following transactions to the right. a) Find the average daily balance for the billing period. b) Find the finance charge to be paid on February 19. Assume an interest rate of 1.2% per month. c) Find the balance due on February 19. a) The average daily balance for the billing period was $ (Round to the nearest cent as needed.) b) The finance charge to be paid on February 19 is $. (Round to the nearest cent as needed.) c) The balance due on February 19 is $. (Round to the nearest cent as needed.) (... January 21 January 25 February 6 February Charge: Restaurant meal Payment Charge: Lawn ornaments 12 Charge: Microwave oven $54.94 $170.00 $57.29 $112.78
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