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
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
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 $__
Transcribed Image Text:Transaction Description
Previous balance, $2645.51
June 1
Billing date
June 6
Payment
June 8
Charge: Gas
June 9
June 17
Charge: Groceries
Charge: Gas
Charge: Groceries
Charge: Clothing
June 27
June 30 End of billing period
Payment Due Date: July 9
Transaction Amount
$1300.00 credit
$36.18
$136.79
$42.34
$126.11
$214.78
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