For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4 % per months on the average daily balance. Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing.
July 6 Billing Date
July 15 Payment $300
July 28 Lunch $44.24
August 4 Concert tickets $85.79
(a) The average daily balance is $____.
(b) the monthly finance charge $______.
(c) the account balance for the next billing. $_____.
Balance is 742.26 x 9 days
then 442.26 x 13 days
then 486.50 x 7 days
then 572.29 x 2 days
Average = 547.74
Finance charge = 7.67