Average Daily Balance Method The Levys credit card
Chapter 11, Problem 11.1.213(choose chapter or problem)
Average Daily Balance Method The Levys credit card statement shows a balance due of $1578.25 on March 23, the billing date. For the period ending April 23, they had the following transactions. March 26 Charge: Party supplies $79.98 March 30 Charge: Restaurant meal 52.76 April 3 Payment 250.00 April 15 Charge: Clothing 190.52 April 22 Charge: Car repairs 190.85 a) Find the average daily balance for the billing period. b) Find the finance charge to be paid on April 23. Assume an interest rate of 1.3% per month. c) Find the balance due on April 23.
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