A credit card calculates interest using the average daily balance method. The card charges 18.2% annual interest rate on the average daily balance. The following transactions occurred during the June 1 – June 30 billing period.

The balance at the end of June was $1,898.75, and the interest to be paid on July 1 is $26.87. Find the balance due on July 1. Round to the nearest cent.

Question

A credit card calculates interest using the average daily balance method. The card charges 18.2% annual interest rate on the average daily balance. The following transactions occurred during the June 1 – June 30 billing period.


The balance at the end of June was $1,898.75, and the interest to be paid on July 1 is $26.87. Find the balance due on July 1. Round to the nearest cent.

anonymous · Answer

attachment

tkhunny · Answer

You just have to count it up.

$2,645.38 for 5 days
$1,345.38 for 2 days
$1,379.65 for 1 day
$1,517.82 for 8 days
$1,684.70 for 10 days
etc...

anonymous · Answer

whats the final answer for this

anonymous · Answer

no resolution?