A credit card calculates interest using the average daily balance method. The card charges 19.0% 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 $1,910.27, and the interest to be paid on July 1 is $28.20. Find the balance due on July 1. Round to the nearest cent as needed.

https://courses.knewton.com/remote/api/content//KH_ASU_MAT142_Finance_9.3_TestOut1_tg21_regen1.GIF

Question

A credit card calculates interest using the average daily balance method. The card charges 19.0% 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 $1,910.27, and the interest to be paid on July 1 is $28.20. Find the balance due on July 1. Round to the nearest cent as needed.

https://courses.knewton.com/remote/api/content//KH_ASU_MAT142_Finance_9.3_TestOut1_tg21_regen1.GIF