Question: 30-day billing cycle 9/2 Billing Date Previous Balance $2,000 9/5 Payment $70 9/8 Charge: Home Depot $1,500 9/26 Payment $60 10/1 Cash Advance $70 Finance

30-day billing cycle

9/2 Billing Date Previous Balance $2,000

9/5 Payment $70

9/8 Charge: Home Depot $1,500

9/26 Payment $60

10/1 Cash Advance $70

Finance Charge is 1 1/2% on average daily balance

1) What is the average daily balance?

2) What is the finance charge?

3) What is the YEARLY interest rate on this credit card?

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