Solve the Problem The Interest Rate on the Card Is 1

question 53

Multiple Choice

Solve the problem.
-On the October 15 billing date, Jacob had a balance due of $292.31 on his credit card. The Transactions during the following month were: $\begin{array}{lll}\text { October } 17& \text { Payment } & \$ 24.28 \\\text { October } 30& \text { Charge: groceries } & \$ 52.48 \\\text { November } 10& \text { Charge: freezer } & \$ 281.86\end{array}$

The interest rate on the card is 1.3% per month. Using the average daily balance method, find the Balance due on November 15 (October has 31 days) .

• A) $606.81
• B) $607.71
• C) $606.82
• D) $606.71

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