For the credit card account below, compute the average daily balance, the finance charge, and the account balance for the next billing. Assume the cycle ends on the same date each month and that the interest rate is 9% per month. Previous Balance plus Interest: $528 April 8 First Day of the Billing Cycle April 13 Returns $95 April 19 Payment $113 April 20 Clothes $37 May 2 Groceries $99 May 5 Cash Advance $128 Average Daily Balance: Monthly Finance Charge: Account Balance for the Next Billing:

For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.6% per month 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. Previous Balance: $464.30 January 12 Billing Date January 16 Returns January 21 Clothes January 26 Bus tickets February 4 Payment February 7 Flowers $102.74 $113.66 $69.74 $105 $67.29 (a) The average daily balance is $ (Round to the nearest cent as needed.) (b) The finance charge is $ (Round to the nearest cent as needed.) (c) The account balance for the next billing is $. (Round to the nearest cent as needed.) Enter your answer in each of the answer boxes. fg f10 insert prt sc f5 f6 fg esc & backspace 2 3 7 00 T 5 %24

For the credit card account, assume one month between billing dates (with the appropriate nmber of days) and interest of 1.5% per month on the average daly balance Find (a) the average dally balance (b) ehe monthly fitance charge and (c) the account balance for the next billing Previoun Balance $754 56 July 8 July 16 July 25 August 5 Concert tickets Bling Date Paynent Lunch $300 $32 30 (a) The average daly balance is (Round to the tearest cent as needed) (b) The france charge is Round ta the nearest cont as neuded) t The account balance for the net biing is (Round to nearet.cent as neaded)

7. Using the following table containing the dates of purchases and payments to determine the average daily balance of a credit card at the end of the billing cycle, assuming 30 days in the month (Round to the nearest cent). Days Purchase/Payment Dollar Amount Unpaid Balance Раyment $1,500 $120 3 $670 $375 $85 10 Purchase 22 Purchase 26 Payment

K For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4% per month 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. Previous Balance: $464.26 January 12 Billing Date January 14 Returns January 21 Clothes January 25 Bus tickets February 3 Payment February 8 Flowers $105.64 $122.68 $63.87 $125 $56.36 ...

A) Find the average daily balance B) Find the monthly finance charge C) Find the account balance fot the next billing

Suppose your MasterCard calculates interest using the average daily balance method, and the monthly interest rate is 1.1%. The itemized billing for the month of August is shown below. Detail Date Amount Unpaid balance August 1 $395 Charge August 9 $1040 Charge August 10 $800 Charge August 18 $1115 Payment received August 25 $710 Last day of billing period August 31   Payment due date September 7   (a) Find the average daily balance. $(b) Find the interest due for this month. $(c) Find the total balance owed on the last day of the billing period. $(d) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What is the minimum monthly payment due for this month? $

For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4% per month 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. Previous Balance: $455.28 January 12 Billing Date January 15 Returns January 21 Clothes January 25 Bus tickets February 4 Payment February 7 Flowers $102.86 $117.89 $89.76 $125 $66.36

For the credit card account below, compute the average daily balance, the finance charge, and the account balance for the next billing. Assume the account is billed on the same date each month and that the annual interest rate is 18%. This credit card company calculates the finance charge on the average daily balance, but they consider each month of a year instead of using the number of days in the month. 12 Previous Balance: $1045 March 15 Billing Date March 23 Flowers $106 March 30 Payment $81 April 1 Groceries $86 April 8 Returns $50 April 11 Concert Tickets $138 Average Daily Balance: Finance Charge: Account Balance for the Next Billing:

13. For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.4% per month 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. Previous Balance: $449.50 January 13 Billing Date January 15 Returns January 22 Clothes January 27 Bus tickets February 2 Payment February 6 Flowers $105.58 $122.54 $77.74 $120 $65.22 (a) The average daily balance is $ (Round to the nearest cent as needed.). (b) The finance charge is $ (Round to the nearest cent as needed.) (c) The account balance for the next billing is $ (Round to the nearest cent as needed.) C O a IS ry ry av to