On the April 25 billing date, Malcolm had a balance due of $1621.44 on his credit card. The transactions during the following month were: $$\begin{array} { l l r }
\text { April } 26 &\text { Payment } & \$ 173.60 \
\text { April } 30 & \text { Charge: lawnmower } & \$ 320.88 \
\text { May } 3 & \text { Charge: gift } & \$ 79.89 \
\text { May } 7 & \text { Charge: furniture } & \$ 519.76
\end{array}$$ The interest rate on the card is 1% per month. Using the average daily balance method, find the
Balance due on May 25 (April has 30 days).

Question

On the April 25 billing date, Malcolm had a balance due of $1621.44 on his credit card. The transactions during the following month were: $$\begin{array} { l l r } 
\text { April } 26 &\text { Payment } & \$ 173.60 \
\text { April } 30 & \text { Charge: lawnmower } & \$ 320.88 \
\text { May } 3 & \text { Charge: gift } & \$ 79.89 \
\text { May } 7 & \text { Charge: furniture } & \$ 519.76
\end{array}$$ The interest rate on the card is 1% per month. Using the average daily balance method, find the
Balance due on May 25 (April has 30 days).

Quizplus · Accepted Answer

The Answer of On the April 25 billing date, Malcolm had a balance due of $1621.44 on his credit card. The transactions during the following month were: $$\begin{array} { l l r } 
\text { April } 26 &\text { Payment } & \$ 173.60 \
\text { April } 30 & \text { Charge: lawnmower } & \$ 320.88 \
\text { May } 3 & \text { Charge: gift } & \$ 79.89 \
\text { May } 7 & \text { Charge: furniture } & \$ 519.76
\end{array}$$ The interest rate on the card is 1% per month. Using the average daily balance method, find the
Balance due on May 25 (April has 30 days).

On the April 25 Billing Date, Malcolm Had a Balance