Questions: Computing the average daily balance, interest, and balance for a credit... Here is Ravi's credit card statement for the month of November. Date Transaction Transaction amount --------- November 1 Beginning balance 1400.25 November 13 Purchase 64.07 November 20 Purchase 480.70 November 23 Payment 450.00 (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Date Transaction Transaction amount Unpaid balance Number of days at that balance Unpaid balance x Number of days ------------------ November 1 Beginning balance 1400.25 1400.25 12 days (from November 1 through November 12) 16,803.00 November 13 Purchase 64.07 1464.32 days (from November 13 through November 19) November 20 Purchase 480.70 3 days (from November 20 through November 22) November 23 Payment 450.00 8 days (from November 23 through November 30) Total: 30 days Total:

Computing the average daily balance, interest, and balance for a credit... Here is Ravi's credit card statement for the month of November. Date Transaction Transaction amount --------- November 1 Beginning balance 1400.25 November 13 Purchase 64.07 November 20 Purchase 480.70 November 23 Payment 450.00 (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance. Date Transaction Transaction amount Unpaid balance Number of days at that balance Unpaid balance x Number of days ------------------ November 1 Beginning balance 1400.25 1400.25 12 days (from November 1 through November 12) 16,803.00 November 13 Purchase 64.07 1464.32 days (from November 13 through November 19) November 20 Purchase 480.70 3 days (from November 20 through November 22) November 23 Payment 450.00 8 days (from November 23 through November 30) Total: 30 days Total:
Transcript text: Computing the average daily balance, interest, and balance for a credit... Here is Ravi's credit card statement for the month of November. \begin{tabular}{|l|l|r|} \hline \multicolumn{1}{|c|}{ Date } & \multicolumn{1}{|c|}{ Transaction } & \begin{tabular}{c} Transaction \\ amount \end{tabular} \\ \hline November 1 & Beginning balance & $\$ 1400.25$ \\ \hline November 13 & Purchase & $\$ 64.07$ \\ \hline November 20 & Purchase & $\$ 480.70$ \\ \hline November 23 & Payment & $\$ 450.00$ \\ \hline \end{tabular} (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase increases the unpaid balance, and 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 & \[ \begin{array}{l} \text { Unpaid } \times \text { Number } \\ \text { balance }{ }^{\text {of days }} \end{array} \] \\ \hline November 1 & Beginning balance & \$1400.25 & \$1400.25 & 12 days (from November 1 through November 12) & \$16,803.00 \\ \hline November 13 & Purchase & \$64.07 & \$1464.32 & $\square$ days (from November 13 through November 19) & $5 \square$ \\ \hline November 20 & Purchase & \$480.70 & $5 \square$ & 3 days (from November 20 through November 22) & $5 \square$ \\ \hline November 23 & Payment & \$450.00 & $5 \square$ & 8 days (from November 23 through November 30) & $5 \square$ \\ \hline \end{tabular} Total: 30 days Total: $\$$ $\square$
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Solution

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Solution Steps

Step 1: Calculate Unpaid Balances

The unpaid balances for each period are calculated as follows:

  • From November 1 to November 12: \( \$1400.25 \)
  • From November 13 to November 19: \( \$1400.25 + \$64.07 = \$1464.32 \)
  • From November 20 to November 22: \( \$1464.32 + \$480.70 = \$1945.02 \)
  • From November 23 to November 30: \( \$1945.02 - \$450.00 = \$1495.02 \)

Thus, the unpaid balances are: \[ \text{Unpaid Balances} = [1400.25, 1464.32, 1945.02, 1495.02] \]

Step 2: Determine Number of Days at Each Balance

The number of days each balance was held is as follows:

  • \( 12 \) days at \( \$1400.25 \)
  • \( 7 \) days at \( \$1464.32 \)
  • \( 3 \) days at \( \$1945.02 \)
  • \( 8 \) days at \( \$1495.02 \)
Step 3: Calculate Total Unpaid Balance

The total unpaid balance is calculated by summing the products of each unpaid balance and the corresponding number of days: \[ \text{Total Unpaid Balance} = (1400.25 \times 12) + (1464.32 \times 7) + (1945.02 \times 3) + (1495.02 \times 8) \] Calculating each term:

  • \( 1400.25 \times 12 = 16803.00 \)
  • \( 1464.32 \times 7 = 10250.24 \)
  • \( 1945.02 \times 3 = 5835.06 \)
  • \( 1495.02 \times 8 = 11960.16 \)

Summing these values gives: \[ \text{Total Unpaid Balance} = 16803.00 + 10250.24 + 5835.06 + 11960.16 = 44848.46 \]

Final Answer

The total unpaid balance for the month of November is: \[ \boxed{44848.46} \]

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