For the credit card account, assume one month between billing dates (with the appropriate number of days) and interest of 1.5% 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: $783.53
July 6
Billing Date
Payment
July 18
July 28 Lunch
August 5 Concert tickets
$300
$32.57
$85.87
(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.)