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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Asked Nov 17, 2019
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10. The balance on Ramon Felipe's credit card on January 18,
his billing date, was $265.87. For the period ending
February 18, Ramon had the following transactions to the
right.
a) Find the average daily balance for the billing period
b) Find the finance charge to be paid on February 18
Assume an interest rate of 1.2% per month.
c) Find the balance due on February 18
January 24 Charge:
$32.39
Restaurant meal
January 30 Payment
February 3 Charge:
$140.00
$16.04
Lawn ormaments
February 14 Charge:
$185.57
Microwave oven
a) 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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10. The balance on Ramon Felipe's credit card on January 18, his billing date, was $265.87. For the period ending February 18, Ramon had the following transactions to the right. a) Find the average daily balance for the billing period b) Find the finance charge to be paid on February 18 Assume an interest rate of 1.2% per month. c) Find the balance due on February 18 January 24 Charge: $32.39 Restaurant meal January 30 Payment February 3 Charge: $140.00 $16.04 Lawn ormaments February 14 Charge: $185.57 Microwave oven a) 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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Expert Answer

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.

...
A
D
E
No of days "balance
1595.22
1789.38
632.92
1916.97
Period
Jan 18-Jan 23
Jan 24-Jan 29
Jan 30-Feb 2
Feb 3-Feb 13
Feb 14-Feb 17
Number of days Balance
1
265.87
6
298.23
6
3
4
158.23
4
174.27
1947.8
11
7791.2
4
6
13725.69
7
Number of days
31
8
|Average daily balance
Finance charge
Balance due on Feb 18
442.7641935
5.313170323
1953.11317
9 a)
10 b)
11 e
2 0n t
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A D E No of days "balance 1595.22 1789.38 632.92 1916.97 Period Jan 18-Jan 23 Jan 24-Jan 29 Jan 30-Feb 2 Feb 3-Feb 13 Feb 14-Feb 17 Number of days Balance 1 265.87 6 298.23 6 3 4 158.23 4 174.27 1947.8 11 7791.2 4 6 13725.69 7 Number of days 31 8 |Average daily balance Finance charge Balance due on Feb 18 442.7641935 5.313170323 1953.11317 9 a) 10 b) 11 e 2 0n t

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