The credit card with thetransactions described on the rightuses the average daily balancemethod to calculate interest. Themonthly interest rate is 1.5% of theaverage daily balance. Calculateparts a-d using the statement onthe right.Transaction DescriptionPrevious balance, $6230.00March 1 Billing dateMarch 5 PaymentMarch 7 Charge: RestaurantMarch 12 Charge: GroceriesMarch 21 Charge: Car RepairsMarch 31 End of billing periodPayment Due Date: April 9TransactionAmount$350.00 credit$40.00$70.00$210.00a. Find the average daily balance for the billing period. Round to the nearest cent.The Taverage daily balance for the billing period is $(Round to the nearest cent as needed.)

We have to find the average daily balance for the billing period of the given data.

Answered: transactions described on the right…

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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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. 222222