Finance practice 1

Here is Eric's credit card statement for the month of November. Date Transaction Transaction amount November 1 Beginning balance $ 2500.04 November 5 Payment $630.00 OO November 16 Purchase $37.15 November 22 Payment $800.00 (a) Use the credit card statement to help fill in the table below. Note that there are 30 days in November. Also, a purchase increases the unpaid balance, A and a payment decreases the unpaid balance. Date Transaction Transaction Unpaid amount balance Number of days at that balance Unpaid Number balance of days November 1 Beginning balance $2500.04 $2500.04 4 days (from November 1 through November 4) $ 10,000.16 November 5 Payment $630.00 $1870.04 days (from November 5 through November 15) November 16 Purchase $37.15 $ 6 days (from November 16 through November 21) November 22 Payment $ 800.00 9 days (from November 22 through November 30) Total: 30 days Total: $ X (b) Find the average daily balance. Write your answer to the nearest cent. (c) Suppose the credit card company charges an interest rate of 1.7% on the average daily balance for November found in part (b). How much interest will be charged? Write your answer to the nearest cent. (d) What will Eric's beginning balance be for the month of December (including the interest for November found in part (c) ) ? Submit Assignment