The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Amount Transaction Description Previous balance, $6240.00 March 1 Billing date March 5 Payment $400.00 credit $50.00 March 7 Charge: Restaurant March 12 Charge: Groceries $100.00 March 21 Charge: Car Repairs $280.00 March 31 End of billing period Payment Due Date: April 9 ... a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ 6095.81. (Round to the nearest cent as needed.) c. Find the balance due on April 1. The balance due on April 1 is $ (Use the answer from part b to find this answer.) b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 1 is $152.40. (Use the answer from part a to find this answer. Round to the nearest cent as needed.)

The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Amount Transaction Description Previous balance, $6240.00 March 1 Billing date March 5 Payment $400.00 credit $50.00 March 7 Charge: Restaurant March 12 Charge: Groceries $100.00 March 21 Charge: Car Repairs $280.00 March 31 End of billing period Payment Due Date: April 9 ... a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $ 6095.81. (Round to the nearest cent as needed.) c. Find the balance due on April 1. The balance due on April 1 is $ (Use the answer from part b to find this answer.) b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 1 is $152.40. (Use the answer from part a to find this answer. Round to the nearest cent as needed.)

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter4: Operating Activities: Sales And Cash Receipts

Section: Chapter Questions

Problem 2.4C

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