On the October 15 billing date, Jacob had a balance due of $279.71 on his credit card. The transactions during the following month were: October 17 Payment $\$ 21.94$
October 30 Charge: groceries $\$ 60.23$
November 10 Charge: freezer $\quad \$ 297.02$ The interest rate on the card is 1.2% per month. Using the average daily balance method, find the
Balance due on November 15 (October has 31 days).

Question

Quizplus · Accepted Answer

The average daily balance is calculated by considering the balance for each day of the billing cycle. The interest is then applied to this average balance. After calculating the average daily balance and applying the interest, the balance due on November 15 is $619.08.

On the October 15 Billing Date, Jacob Had a Balance $21.94\$ 21.94$21.94

On the October 15 Billing Date, Jacob Had a Balance $\$ 21.94$