The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Previous balance, $6230.00 October 1 Billing date October 5 Payment October 7 Charge: Visit to Doctor October 12 Charge: Groceries October 21 Charge: Car Repairs October 31 End of billing period Payment Due Date: November 9 Transaction Amount $400.00 credit $30.00 $70.00 $260.00 a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ (Round to the nearest cent as needed.) b. Find the interest to be paid on November 1, the next billing date. Round to the nearest cent. The interest to be paid on November 1 is $. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) c. Find the balance due on November 1. The balance due on November 1 is $ (Use the answer from part b to find this answer.)
The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 1.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Previous balance, $6230.00 October 1 Billing date October 5 Payment October 7 Charge: Visit to Doctor October 12 Charge: Groceries October 21 Charge: Car Repairs October 31 End of billing period Payment Due Date: November 9 Transaction Amount $400.00 credit $30.00 $70.00 $260.00 a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ (Round to the nearest cent as needed.) b. Find the interest to be paid on November 1, the next billing date. Round to the nearest cent. The interest to be paid on November 1 is $. (Use the answer from part a to find this answer. Round to the nearest cent as needed.) c. Find the balance due on November 1. The balance due on November 1 is $ (Use the answer from part b to find this answer.)
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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Transcribed Image Text:The credit card with the
transactions described on the right
uses the average daily balance
method to calculate interest. The
monthly interest rate is 1.5% of the
average daily balance. Calculate
parts a-d using the statement on
the right.
Transaction Description
Previous balance, $6230.00
October 1 Billing date
October 5 Payment
October 7 Charge: Visit to Doctor
October 12 Charge: Groceries
October 21 Charge: Car Repairs
October 31 End of billing period
Payment Due Date: November 9
Transaction Amount
a. Find the average daily balance for the billing period. Round to the nearest cent.
The average daily balance for the billing period is $
(Round to the nearest cent as needed.)
c. Find the balance due on November 1.
The balance due on November 1 is $.
(Use the answer from part b to find this answer.)
$400.00 credit
$30.00
$70.00
$260.00
b. Find the interest to be paid on November 1, the next billing date. Round to the nearest cent.
The interest to be paid on November 1 is $
(Use the answer from part a to find this answer. Round to the nearest cent as needed.)
Ask my instructor
d. This credit card requires a $10 minimum monthly payment if the balance due at the
the nearest whole dollar. What is the minimum monthly payment due by November 9?
of the billing period is I
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