Questions: Computing the average daily balance, interest, and balance for a credit.. (a) Use the credit card statement to help fill in the table below. Note that there are 31 days in January. Also, a purchase increases the unpaid balance, a payment decreases the unpaid balance. Date Transaction Transaction amount Unpaid balance Number of days at that balance Unpaid × Number balance of days January 1 Beginning balance 1700.09 1700.09 3 days (from January 1 through January 3) balance er days January 4 Payment 340.00 1360.09 days (from January 4 through January 12) January 13 Purchase 61.95 ] 11 days (from January 13 through January 23) January 24 Payment 800.00 8 days (from January 24 through January 31) Total: 31 days Total: (b) Find the average daily balance. Write your answer to the nearest cent. (c) Suppose the credit card company charges an interest rate of 1.7% on the average daily balance for January found in part (b). How much interest will be charged? Write your answer to the nearest cent. (d) What will Manuel's beginning balance be for the month of February (including the interest for January found in part (c))?
![Computing the average daily balance, interest, and balance for a credit..
(a) Use the credit card statement to help fill in the table below. Note that there are 31 days in January. Also, a purchase increases the unpaid balance, a payment decreases the unpaid balance.
Date Transaction Transaction amount Unpaid balance Number of days at that balance Unpaid × Number balance of days
January 1 Beginning balance 1700.09 1700.09 3 days (from January 1 through January 3) balance er days
January 4 Payment 340.00 1360.09 days (from January 4 through January 12)
January 13 Purchase 61.95 ] 11 days (from January 13 through January 23)
January 24 Payment 800.00 8 days (from January 24 through January 31)
Total: 31 days
Total:
(b) Find the average daily balance. Write your answer to the nearest cent.
(c) Suppose the credit card company charges an interest rate of 1.7% on the average daily balance for January found in part (b). How much interest will be charged? Write your answer to the nearest cent.
(d) What will Manuel's beginning balance be for the month of February (including the interest for January found in part (c))?](https://thumbnail.justsolvely.com/seoQuestionThumb/b68d3c68-b3a2-4373-a9a5-4c9a703132d4.webp)
Transcript text: Computing the average daily balance, interest, and balance for a credit..
(a) Use the credit card statement to help fill in the table below. Note that there are 31 days in January. Also, a purchase increases the unpaid balance, a payment decreases the unpaid balance.
\begin{tabular}{|c|c|c|c|c|c|}
\hline Date & Transaction & Transaction amount & Unpaid balance & Number of days at that balance & Unpaid $\times$ Number balance ${ }^{\times}$of days \\
\hline January 1 & Beginning balance & \$1700.09 & \$1700.09 & 3 days (from January 1 through January 3) & balance ${ }^{\text {er days }}$ \\
\hline January 4 & Payment & \$340.00 & \$1360.09 & $\square$ days (from January 4 through January 12) & $5 \square$ \\
\hline January 13 & Purchase & \$61.95 & \$] & 11 days (from January 13 through January 23) & $5 \square$ \\
\hline January 24 & Payment & \$800.00 & $5 \square$ & 8 days (from January 24 through January 31) & $5 \square$ \\
\hline
\end{tabular}
Total: 31 days
Total: $\$$
(b) Find the average daily balance. Write your answer to the nearest cent.
$\square$
(c) Suppose the credit card company charges an interest rate of $1.7 \%$ on the average daily balance for January found in part (b). How much interest will be charged? Write your answer to the nearest cent.
$\square$
(d) What will Manuel's beginning balance be for the month of February (including the interest for January found in part (c))?
$\square$
Solution
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