The credit card with thetransactions described on the rightuses the average daily balancemethod to calculate interest. Themonthly interest rate is 2.5% of theaverage daily balance. Calculateparts a-d using the statement onthe right.TransactionAmountTransaction DescriptionPrevious balance, $6220.00March 1 Billing dateMarch 5 Payment$250.00 credit$40.00March 7 Charge: RestaurantMarch 12 Charge: Groceries$80.00March 21 Charge: Car Repairs $280.00March 31 End of billing periodPayment Due Date: April 9a. Find the average daily balance for the billing period. Round to the nearest cent.The average daily balance for the billing period is $ 6185.48.(Round to the nearest cent as needed.)b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent.The interest to be paid on April 1 is $154.64.(Use the answer from part a to find this answer. Round to the nearest cent as needed.)c. Find the balance due on April 1:The balance due on April 1 is $(Use the answer from part b to find this answer.)

Average daily balance is the average balance on the whole month sale and purchase and is the basis…

The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Previous balance, $6220.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries March 21 Charge: Car Repairs March 31 End of billing period Payment Due Date: April 9 Transaction Amount $250.00 credit $40.00 $80.00 $280.00 a. Find the average daily balance for the billing-period. Round to the nearest cent. The average daily balance for the billing period is $6185.48. (Round to the nearest cent as needed.) c. Find the balance due on April 1. The balance due on April 1 is $. (Use the answer from part b to find this answer.) b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 1 is $ 154.64. (Use the answer from part a to find this answer. Round to the nearest cent as needed.)

The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate is 2.5% of the average daily balance. Calculate parts a-d using the statement on the right. Transaction Description Previous balance, $6220.00 March 1 Billing date March 5 Payment March 7 Charge: Restaurant March 12 Charge: Groceries March 21 Charge: Car Repairs March 31 End of billing period Payment Due Date: April 9 Transaction Amount $250.00 credit $40.00 $80.00 $280.00 a. Find the average daily balance for the billing-period. Round to the nearest cent. The average daily balance for the billing period is $6185.48. (Round to the nearest cent as needed.) c. Find the balance due on April 1. The balance due on April 1 is $. (Use the answer from part b to find this answer.) b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent. The interest to be paid on April 1 is $ 154.64. (Use the answer from part a to find this answer. Round to the nearest cent as needed.)

Quickbooks Online Accounting

3rd Edition

ISBN:9780357391693

Author:Owen

Publisher:Owen

Chapter5: Operating Activities: Purchases And Cash Payments

Section: Chapter Questions

Problem 2.14C

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