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The credit card with the
transactions described on the right
uses the average daily balance
method to calculate interest. The
monthly interest rate is 1.5% of the
average daily balance. Calculate
parts a-d using the statement on
the right.
Transaction
Amount
Transaction Description
Previous balance, $6310.00
March 1 Billing date
March 5 Payment
March 7 Charge: Restaurant
March 12 Charge: Groceries
March 21 Charge: Car Repairs $240.00
March 31 End of billing period
Payment Due Date: April 9
$350.00 credit
$40.00
$70.00
a. Find the average daily balance for the billing period. Round to the nearest cent.
The average daily balance for the billing period is $
(Round to the nearest cent as needed.)