AIR MATH

Math Question

You have a credit card that charges an interest rate of \( 18.45 \% \) compounded monthly. The table below shows your activity for the month of April.
\begin{tabular}{|r||l||r||r|}
\hline \multicolumn{1}{|c||}{ Date } & Activity & Amount & Balance \\
\hline \hline April 1 & Beginning Balance & & \( 1,425.00 \) \\
\hline \hline April 6 & Purchase & \( 44.10 \) & \( 1,469.10 \) \\
\hline \hline April 7 & Payment & \( -275.00 \) & \( 1,194.10 \) \\
\hline \hline April 19 & Purchase & \( 99.00 \) & \( 1,293.10 \) \\
\hline \hline April 22 & Purchase & \( 15.00 \) & \( 1,308.10 \) \\
\hline \hline April 27 & Purchase & \( 37.90 \) & \( 1,346.00 \) \\
\hline \hline April 30 & Ending Balance & & \( 1,346.00 \) \\
\hline
\end{tabular}
What is the average daily balance for this account?
\( \$ \)
What is the finance charge for the month of April?
\( \$ \)

Solution

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