John Smith has a credit card that charges 15% annual interest on the monthly average...
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Accounting
John Smith has a credit card that charges 15% annual interest on the monthly average daily balance for the billing cycle. The current billing cycle has 29 days. For 12 days his balance was $2,548.48. For 9 days the balance was $1,548,48. And for 8 days the balance was $1,807.45. Find the average daily balance. Find the amount of interest. The average daily balance is $ The amount of interest is $ (Round to the nearest cent as needed.)
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