# 10. The balance on Ramon Felipe's credit card on January 18,his billing date, was \$265.87. For the period endingFebruary 18, Ramon had the following transactions to theright.a) Find the average daily balance for the billing periodb) Find the finance charge to be paid on February 18Assume an interest rate of 1.2% per month.c) Find the balance due on February 18January 24 Charge:\$32.39Restaurant mealJanuary 30 PaymentFebruary 3 Charge:\$140.00\$16.04Lawn ormamentsFebruary 14 Charge:\$185.57Microwave ovena) The average daily balance for the billing period was \$(Round to the nearest cent as needed.)b) The finance charge to be paid on February 18 is \$(Round to the nearest cent as needed.)c) The balance due on February 18 is \$(Round to the nearest cent as needed.)

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Step 1

Computation of average daily balance, finance charge, and balance due:

Hence, a) the average daily balance is \$442.76.

b) Finance charge is \$5.31.

c) Balance due on Feb 18 is \$1,953.11.

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