here is felipes credit card statement for the month of april.\n(a) use the credit card statement to help…

here is felipes credit card statement for the month of april.\n(a) use the credit card statement to help fill in the table below. note that there are 30 days in april. also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance.\n| date | transaction | amount | unpaid balance |\n| ---- | ---- | ---- | ---- |\n| april 1 | beginning balance | $1300.25 | $1300.25 |\n| april 14 | purchase | $68.02 | $1368.27 |\n| april 18 | purchase | $540.90 | $1909.17 |\n| april 24 | payment | $350.00 | $1559.17 |\n| total: 30 days | | | |\n| number of days at that balance | 13 days (from april 1 through april 13) | 4 days (from april 14 through april 17) | 6 days (from april 18 through april 23) | 7 days (from april 24 through april 30) |\n| unpaid balance × number of days | $16903.25 | | | |\n(b) find the average daily balance. write your answer to the nearest cent.\n(c) suppose the credit card company charges an interest rate of 1.5% on the average daily balance for april found in part (b). how much interest will be charged? write your answer to the nearest cent.\n(d) what will felipes beginning balance be for the month of may (including the interest for april found in part (c))?

here is felipes credit card statement for the month of april.\n(a) use the credit card statement to help fill in the table below. note that there are 30 days in april. also, a purchase increases the unpaid balance, and a payment decreases the unpaid balance.\n| date | transaction | amount | unpaid balance |\n| ---- | ---- | ---- | ---- |\n| april 1 | beginning balance | $1300.25 | $1300.25 |\n| april 14 | purchase | $68.02 | $1368.27 |\n| april 18 | purchase | $540.90 | $1909.17 |\n| april 24 | payment | $350.00 | $1559.17 |\n| total: 30 days | | | |\n| number of days at that balance | 13 days (from april 1 through april 13) | 4 days (from april 14 through april 17) | 6 days (from april 18 through april 23) | 7 days (from april 24 through april 30) |\n| unpaid balance × number of days | $16903.25 | | | |\n(b) find the average daily balance. write your answer to the nearest cent.\n(c) suppose the credit card company charges an interest rate of 1.5% on the average daily balance for april found in part (b). how much interest will be charged? write your answer to the nearest cent.\n(d) what will felipes beginning balance be for the month of may (including the interest for april found in part (c))?

Answer

Explanation:

Step1: Calculate unpaid balance for each period

  • From April 1 - 13 (13 days): Unpaid balance = $1300.25
  • From April 14 - 17 (4 days): Unpaid balance = $1300.25 + $68.02=$1368.27
  • From April 18 - 23 (6 days): Unpaid balance = $1368.27+ $540.90 = $1909.17
  • From April 24 - 30 (7 days): Unpaid balance = $1909.17 - $350.00=$1559.17

Step2: Calculate weighted - sum for average daily balance

[ \begin{align*} \text{Weighted - sum}&=(1300.25\times13)+(1368.27\times4)+(1909.17\times6)+(1559.17\times7)\ &=16903.25 + 5473.08+11455.02 + 10914.19\ &=44745.54 \end{align*} ] [ \text{Average daily balance}=\frac{44745.54}{30}\approx1491.52 ]

Step3: Calculate interest

[ \text{Interest}=1491.52\times0.015=$22.3728\approx$22.37 ]

Step4: Calculate May 1 balance

[ \text{May 1 balance}=1559.17+22.37=$1581.54 ]

Answer:

(a) See above for filled - in table calculations. (b) $1491.52 (c) $22.37 (d) $1581.54