Suppose your VISA card calculates interest using the average daily balance method, and the monthly interest rate is 2.05%. The itemized billing for the month of April is shown below.DetailDateAmountUnpaid balanceApril 11040ChargeApril 31160ChargeApril 11725ChargeApril 15350Payment receivedApril 28110Last day of billing periodApril 30 Payment due dateMay 7 (a) Find the average daily balance. $(b) Find the interest due for this month. $(c) Find the total balance owed on the last day of the billing period. $(d) This credit card requires a $20 minimum payment or 1/36 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $

The objective of this question is to calculate the average daily balance, the interest due for the…

Answered: Suppose your VISA card calculates…

MATLAB: An Introduction with Applications

6th Edition

ISBN:9781119256830

Author:Amos Gilat

Publisher:Amos Gilat

Chapter1: Starting With Matlab

Section: Chapter Questions

Problem 1P

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Suppose your VISA card calculates interest using the average daily balance method, and the monthly interest rate is 2.05%. The itemized billing for the month of April is shown below.

Detail	Date	Amount
Unpaid balance	April 1	1040
Charge	April 3	1160
Charge	April 11	725
Charge	April 15	350
Payment received	April 28	110
Last day of billing period	April 30
Payment due date	May 7

(a) Find the average daily balance. $

(b) Find the interest due for this month. $

(c) Find the total balance owed on the last day of the billing period. $

(d) This credit card requires a $20 minimum payment or 1/36 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $

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