For the credit card account, assume one month between billing dates and interest of 1.6% per month on the daily average balance.   Find (a) the average daily balance, (b) the monthly finance charge, and (c) the account balance for the next billing.   Previous balance: $562   November 4 Billing date   November 15 Payment $400   November 18 Groceries $350   November 20 Train card $190   December 1 Holiday shopping $320

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Q: Use the average daily balance method to compute the finance charge on the credit card account for…

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