PLEASE ANSWER THIS ONE: QUESTION 1. An unpaid bill for 50,000 pesos had a due date of April 25. A purchase of 10,000 pesos was made on April 25, and 4,000 pesos was charged on April 28. A payment of 20,000 pesos was made on April 30. The interest on the average daily balance is 1.5% per month. Find the finance charge on the May 25 bill.

***Important note: The attached picture is for guidance purposes; it is a sample problem to help you solve the question above and contains the expected method to be used in solving the question.

Example: Interest on Credit Card Bill. An unpaid bill for 31,000 pesos had a due date of March 10. A purchase of 10,700 pesos was made on March 15, and 3,350 pesos was charged on March 30. A payment of 10,000 pesos was made on March 22. The interest on the average daily balance is 1.5% per month. Find the finance charge on the April 10 bill. Solution: First calculate the sum of the total amounts owned each day of the month. Date Number of Payments or purchases Balance each day days until Unpaid balance times number of balance changes days 155,000 pesos March 10-11 31,000 pesos 5 March 15-21 10,7000 pesos 41,700 pesos 7 291,900 pesos -10,000 pesos 8 253,600 pesos March 22-29 March 30 April 9 31,700 pesos 35,050 pesos 3,350 pesos 11 385,550 pesos Total 31 1,086,050 pesos The sum of the total amounts owed each day of the month is 1,086,050 pesos. Next, we find the average daily balance using the above formula. Average daily balance = 1,086,050 31 = 35,033.87097 Finally, we compute for the finance charged Finance Charged (I) = Prt = 35,033.87097(0.015)(1) = 525.5080646. Hence, the finance charged on the April 10 bill is 525.5080646 pesos