A credit card calculates interest using the average daily balance method. The monthly interest rate is 2.0% of the average daily balance. The following transactions occurred between Nov 1 and Nov 30 billing period.
Previous balance = $1,350.
Nov 1 Billing Date
Nov 8 Payment of $350
Nov 10 Charge of $375
Nov 20 Charge of $120
Nov 25 Charge of $55
Nov 28 Charge of $67
Nov 30 End of Billing Period
a) find the average daily balance for the billing period
b) find the interest to be paid on Dec 1 (the next billing date)
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A credit card calculates interest using the average daily balance method. The monthly interest rate...
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