The credit card with thetransactions described on the rightuses the average daily balancemethod to calculate interest. Themonthly interest rate is 2.5% of theaverage daily balance. Calculateparts a-d using the statement onthe right.Transaction DescriptionTransactionAmountPrevious balance, $6230.00March 1 Billing dateMarch 5 PaymentMarch 7 Charge: RestaurantMarch 12 Charge: GroceriesMarch 21 Charge: Car Repairs $240.00March 31 End of billing periodPayment Due Date: April 9$250.00 credit$30.00$80.00a. 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 $.(Use the answer from part b to find this answer.)MacBookescFI20F2F3F42$%24.6%#3

A Credit Card is basically a financial loan provided through an instrument which consists of a…

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

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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 3EA: Consider the following transaction: On March 6, Fun Cards sells 540 card decks with a sales price of...

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