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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, $6310.00 March 1 Billing date March 5 Payment $350.00 credit $50.00 March 7 Charge: Restaurant March 12 Charge: Groceries $100.00 March 21 Charge: Car Repairs $270.00 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 $. (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, $6310.00 March 1 Billing date March 5 Payment $350.00 credit $50.00 March 7 Charge: Restaurant March 12 Charge: Groceries $100.00 March 21 Charge: Car Repairs $270.00 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 $. (Round to the nearest cent as needed.)

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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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. a a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $. (Round to the nearest cent as needed.) S 7 hp Transaction Amount Transaction Description Previous balance, $6310.00 March 1 Billing date March 5 Payment $350.00 credit $50.00 March 7 Charge: Restaurant March 12 Charge: Groceries $100.00 March 21 Charge: Car Repairs $270.00 March 31 End of billing period Payment Due Date: April 9 W 81°F ^
Transcribed Image Text: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. a a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is $. (Round to the nearest cent as needed.) S 7 hp Transaction Amount Transaction Description Previous balance, $6310.00 March 1 Billing date March 5 Payment $350.00 credit $50.00 March 7 Charge: Restaurant March 12 Charge: Groceries $100.00 March 21 Charge: Car Repairs $270.00 March 31 End of billing period Payment Due Date: April 9 W 81°F ^
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