You have a credit card that charges an interest rate of 6.95% compounded monthly.
The table below shows your activity for the month of April.
What is the average daily balance for this account?
$
How much interest is owed this month?
$
How much total money is owed at the end of the month?
$
| Date | Activity | Amount | Balance |
|---|---|---|---|
| April 1 | Beginning Balance | 1,100.00 | |
| April 9 | Purchase | 46.00 | 1,146.00 |
| April 11 | Payment | −225.00 | 921.00 |
| April 18 | Purchase | 76.75 | 997.75 |
| April 23 | Purchase | 15.00 | 1,012.75 |
| April 24 | Purchase | 74.20 | 1,086.95 |
| April 30 | Ending Balance | 1,086.95 |
What is the average daily balance for this account?
$
How much interest is owed this month?
$
How much total money is owed at the end of the month?
$