A credit card calculates interest using the average daily balance method. The monthly interest rate is 2% of the average daily balance. The following transactions
occurred during the September 1 - September 30 billing period.
Transaction Description
Transaction Amount
Previous Balance, $3800
September 1 Billing Date
September 5 Payment
$800
September 9 Charge: Gas
$40
September 9 Charge: Airline Ticket $160
September 27 End of Billing Period $200
September 30 End of Billing Period
Payment Due Date: October 9