A credit card has a balance of $800 on June 1 st . A payment of $400 is made on June 4 th . A charge of $120 is made on June 13 th , and another charge of $100 is made on June 26 th . Note that June is a 30-day month.
(A) Calculate the average daily balance for this card, with July 1 st as the date interest is charged.
Date
Transaction amount
Balance
Number of days
June 1
800
June 4
June 13
June 26
July 1
(B) Find the interest charged for June on July 1 st , using an annual interest rate of 18%. Also, find the new balance for this card as of July 1 st with interest added on.
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