A credit card issuer calculates interest using the average daily balance method. The
Chapter 0, Problem 71(choose chapter or problem)
A credit card issuer calculates interest using the average daily balance method. The monthly interest rate is 1.1% of the average daily balance. The following transactions occurred during the November 1November 30 billing period. Transaction Description Transaction Amount Previous balance, $4620.80 November 1 Billing date November 7 Payment $650.00 credit November 11 Charge: Airline Tickets $350.25 November 25 Charge: Groceries $125.70 November 28 Charge: Gas $ 38.25 November 30 End of billing period Payment Due Date: December 9 a. Find the average daily balance for the billing period.Round to the nearest cent.b. Find the interest to be paid on December 1, the nextbilling date. Round to the nearest cent.c. Find the balance due on December 1.d. This credit card requires a $10 minimum monthlypayment if the balance due at the end of the billingperiod is less than $360. Otherwise, the minimummonthly payment is 136 of the balance due at the endof the billing period, rounded up to the nearest wholedollar. What is the minimum monthly payment due byDecember 9?
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