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 average daily balance for the billing period is $1,796.06. Find the interest to be paid on July 1, the next billing date. 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 average daily balance for the billing period is $1,796.06. Find the interest to be paid on July 1, the next billing date. Round to the nearest cent.

anonymous · Answer

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