Question

The balance on Ramon​ Felipe's credit card on January

13,

his billing​ date, was

$ 392.56.

For the period ending February

13,

Ramon had the following transactions at the bottom.

​a) Find the average daily balance for the billing period.

​b) Find the finance charge to be paid on February

13. Assume an interest rate of​ 1.2% per month.

​c) Find the balance due on February 13.

January 24	​Charge: Restaurant meal	​$66.24
January 27	Payment	​$110.00
February 22	​Charge: Lawn ornaments	​$40.74
February 11	​Charge: Microwave oven $118.06

Answer 1

To solve this problem our approach will be as follows;