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The credit card with the transactions described on the right uses the average daily balance method to calculate interest. The monthly interest rate isn 2.5% of the average daily balance. Calculate parts a-d using the statement on the right.

a. Find the average daily balance for the billing period. Round to the nearest cent.

The average daily balance for the billing period is

(Round to the nearest cent as needed.)

Part 2

b. Find the interest to be paid on April 1, the next billing date. Round to the nearest cent.

The interest to be paid on April 1 is

(Use the answer from part a to find this answer. Round to the nearest cent as needed.)

Part 3

c. Find the balance due on April 1.

The balance due on April 1 is

(Use the answer from part b to find this answer.)

Part 4

d. This credit card requires a $10 minimum monthly payment if the balance due at the end of the billing period is less than $360. Otherwise, the minimum monthly payment is 1/36 of the balance due at the end of the billing period, rounded up to the nearest whole dollar. What is the minimum monthly payment due by April 9?

The minimum monthly payment is

(Use the answer from part c to find this answer. Round up to the nearest dollar.)

\begin{tabular}{|l|l|} \hline balance $6210 & \\ \hline March 1 billing & \\ \hline March 5 payment & $350 credit \\ \hline March 7 & $30 \\ \hline March 12 & $90 \\ \hline March 21 & $280 \\ \hline March 31-end of bill period & \\ \hline April 9-payment due & \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline balance $6210 & \\ \hline March 1 billing & \\ \hline March 5 payment & $350 credit \\ \hline March 7 & $30 \\ \hline March 12 & $90 \\ \hline March 21 & $280 \\ \hline March 31-end of bill period & \\ \hline April 9-payment due & \\ \hline \end{tabular}

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