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Transaction Amount The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Previous balance, $6230.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries March 21 Charge: Car Repairs $240.00 March 31 End of billing period Payment Due Date: April 9 $250.00 credit $30.00 $80.00 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 April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 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 April 1. The balance due on April 1 is $ (Use the answer from part b to find this answer.)

Transaction Amount The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Previous balance, $6230.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries March 21 Charge: Car Repairs $240.00 March 31 End of billing period Payment Due Date: April 9 $250.00 credit $30.00 $80.00 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 April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 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 April 1. The balance due on April 1 is $ (Use the answer from part b to find this answer.)

Algebra and Trigonometry (6th Edition)
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Transaction Amount The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The Transaction Description Previous balance, $6230.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries March 21 Charge: Car Repairs $240.00 March 31 End of billing period Payment Due Date: April 9 monthly interest rate is 2.5% of the average daily balance. Calculate parts a-d using the statement on the right. $250.00 credit $30.00 $80.00 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 April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 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 April 1. The balance due on April 1 is $. (Use the answer from part b to find this answer.) Mac esc F7 B00 O00 F4 F2 F3 %24 %23
Transcribed Image Text:Transaction Amount The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The Transaction Description Previous balance, $6230.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries March 21 Charge: Car Repairs $240.00 March 31 End of billing period Payment Due Date: April 9 monthly interest rate is 2.5% of the average daily balance. Calculate parts a-d using the statement on the right. $250.00 credit $30.00 $80.00 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 April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 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 April 1. The balance due on April 1 is $. (Use the answer from part b to find this answer.) Mac esc F7 B00 O00 F4 F2 F3 %24 %23
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