Jim Riddle has a credit card that charges 10% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 29 days. For 15 days his balance was $2,534.95. For 7 days the balance was $1,534.95. And for 7 days the balance was $1,892.57. Find the average daily balance. Find the amount of interest
Q30
Suppose the charge account of Strong’s Mailing Service at the local supply store had a 1.8% interest rate per month on the average daily balance. Find the average daily balance if Strong’s had an unpaid balance on March 1 of $128.50, a payment of $20 posted on March 6, and a purchase of $25.60 posted on March 20. The billing cycle ends March 31