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On September 7​, the billing​ date, Verna had a balance due of ​$565.85 on her credit...

On September 7​, the billing​ date, Verna had a balance due of ​$565.85 on her credit card. Assume that the interest rate is​ 1.1% per month. Suppose that​ Verna's bank uses the average daily balance method. Answer parts​ (a) through​ (d). Sept. 11 Payment ​$280.00 Sept. 23 ​Charge: Airline ticket ​$332.00 Sept. 24 ​Charge: Hotel bill ​$190.01 Oct. 2 ​Charge: Clothing ​$84.91 ​a) Determine​ Verna's average daily balance for the billing period from September 7 to October 7. The average daily balance for the billing period was ​$

Solutions

Expert Solution

Please refer to below spreadsheet for calculation and answer. Cell reference also provided.

Cell reference -

Hope this will help, please do comment if you need any further explanation. Your feedback would be appreciated.

jeff jeffy answered 5 months ago
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