math finance question 1
A credit card has a balance of $800 on June 1 st . A payment of $400 is made on June 4 th . A charge of $120 is made on June 13 th , and another charge of $100 is made on June 26 th . Note that June is a 30-day month.
(A) Calculate the average daily balance for this card, with July 1 st as the date interest is charged.
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Date |
Transaction amount |
Balance |
Number of days |
|
June 1 |
800 |
||
|
June 4 |
|||
|
June 13 |
|||
|
June 26 |
|||
|
July 1 |
(B) Find the interest charged for June on July 1 st , using an annual interest rate of 18%. Also, find the new balance for this card as of July 1 st with interest added on.
