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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, $6220.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries Transaction Amount $350.00 credit $60.00 $90.00 March 21 Charge: Car Repairs $240.00 March 31 End of billing period Payment Due Date: April 9 *** doily balance for the billing period Round to the nearest cent.

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, $6220.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries Transaction Amount $350.00 credit $60.00 $90.00 March 21 Charge: Car Repairs $240.00 March 31 End of billing period Payment Due Date: April 9 *** doily balance for the billing period Round to the nearest cent.

Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
Pfin (with Mindtap, 1 Term Printed Access Card) (mindtap Course List)
7th Edition
ISBN:9780357033609
Author:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Publisher:Randall Billingsley, Lawrence J. Gitman, Michael D. Joehnk
Chapter4: Managing Your Cash And Savings
Section: Chapter Questions
Problem 5FPE: Calculating the net costs of checking accounts. Determine the annual net cost of these checking...
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K 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, $6220.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries $350.00 credit $60.00 $90.00 March 21 Charge: Car Repairs $240.00 March 31 End of billing period Payment Due Date: April 9 Transaction Amount ... 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.) 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.) b. Find the interest to be paid or 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.) (
Transcribed Image Text:K 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, $6220.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries $350.00 credit $60.00 $90.00 March 21 Charge: Car Repairs $240.00 March 31 End of billing period Payment Due Date: April 9 Transaction Amount ... 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.) 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.) b. Find the interest to be paid or 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.) (
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