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Elizabeth went on a fabulous vacation in May and racked up a lot of charges...

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Finance

Elizabeth went on a fabulous vacation in May and racked up a lot of charges on her credit card. When it came time to pay her June credit card bill, she left a balance of

$1150.00. Elizabeth's credit card billing cycle runs from the 19th of each month to the 18th of the next month, and her interest rate is 18.5%.

She started the billing cycle June 19-July 18 with a previous balance of $1150.00. In addition she made three purchases, with the dates and amounts shown in the table to the right. On July 15 she made an online payment of $520.00 that was credited to her balance the same day.

Find the average daily balance on the credit card account for the billing cycle June 19-July 18, and compute the interest charged for the same billing cycle.

image
Amount of Date purchase/payment 6/21 $183.46 6/30 $30.00 7/5 $97.59 7/15 Payment $520.00 Amount of Date purchase/payment 6/21 $183.46 6/30 $30.00 7/5 $97.59 7/15 Payment $520.00

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