Instructor: Bemadine CochranStudent: Roy'ce BrittentimeDate: 11/18/19Course: Contemporary College Math (B) Assignment: Homework 10.4(FA2019)10. The balance on Ramon Felipe's credit card on January 11,his billing date, was $315.54. For the period endingFebruary 11, Ramon had the following transactions to theright.a) Find the average daily balance for the billing period.b) Find the finance charge to be paid on February 11Assume an interest rate of 1.2% per monthc) Find the balance due on February 11January 19 Charge$55.81Restaurant mealJanuary 24 PaymentFebruary 1 Charge:$110.00$53.04Lawn omamentsFebruary 6 Charge:$112.02Microwave 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 11 is $(Round to the nearest cent as needed.)c) The balance due on February 11 is $(Round to the nearest cent as needed.)

Question
Asked Nov 19, 2019
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Instructor: Bemadine Cochran
Student: Roy'ce Brittentime
Date: 11/18/19
Course: Contemporary College Math (B) Assignment: Homework 10.4
(FA2019)
10. The balance on Ramon Felipe's credit card on January 11,
his billing date, was $315.54. For the period ending
February 11, 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 11
Assume an interest rate of 1.2% per month
c) Find the balance due on February 11
January 19 Charge
$55.81
Restaurant meal
January 24 Payment
February 1 Charge:
$110.00
$53.04
Lawn omaments
February 6 Charge:
$112.02
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 11 is $
(Round to the nearest cent as needed.)
c) The balance due on February 11 is $
(Round to the nearest cent as needed.)
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Instructor: Bemadine Cochran Student: Roy'ce Brittentime Date: 11/18/19 Course: Contemporary College Math (B) Assignment: Homework 10.4 (FA2019) 10. The balance on Ramon Felipe's credit card on January 11, his billing date, was $315.54. For the period ending February 11, 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 11 Assume an interest rate of 1.2% per month c) Find the balance due on February 11 January 19 Charge $55.81 Restaurant meal January 24 Payment February 1 Charge: $110.00 $53.04 Lawn omaments February 6 Charge: $112.02 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 11 is $ (Round to the nearest cent as needed.) c) The balance due on February 11 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, the average daily is balance is $328.25, finance charge is $3.94, and balance...

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В E A Number of days Particulars Balance Number of days*balance 2524.32 1856.75 2090.S 1571.95 2132.05 Jan 11-Jan 18 Jan 19-Jan 23 Jan 24-Jan 31 Feb 1-Feb 5 Feb 6-Feb 10 315.54 371.35 8 2. 3 261.35 4 314.39 5 5 426.41 6 Total Number of days 10175.87 31 8 Average daily balance Finance charge Balance due on Feb 11 9 a) 328.253871 10 b) 3.939046452 11 c) 430.3490465 st

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