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The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent.

The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent.

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent.
2:53 Transaction Description Previous balance, $6250.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries March 21 Charge: Car Repairs March 31 End of billing period Payment Due Date: April 9 Transaction Amount $400.00 credit $40.00 $90.00 $210.00 X
Transcribed Image Text:2:53 Transaction Description Previous balance, $6250.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries March 21 Charge: Car Repairs March 31 End of billing period Payment Due Date: April 9 Transaction Amount $400.00 credit $40.00 $90.00 $210.00 X
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