Suppose your MasterCard calculates interest using the average daily balance method, and the monthly

interest rate is 1.55%. The itemized billing for the month of August is shown below.

Detail

Unpaid balance

Charge

Charge

Charge

Payment received

Last day of billing period

Payment due date

Date

August 1

August 9

August 10

August 18

August 25

August 31

September 7

(a) Find the average daily balance. $

(b) Find the interest due for this month. $

Amount

$335

$680

$605

$935

$440

(c) Find the total balance owed on the last day of the billing period. $

(d) This credit card requires a $15 minimum payment or 1/24 of the amount due, whichever is higher. What

is the minimum monthly payment due for this month? $