Explore what happens when you make a payment to your credit

Last updated: 5/2/2023

Explore what happens when you make a payment to your credit card at a different time You wil use the same information to do different problems one where the payment is made early in the billing cycle the other when the payment is made late in the billing cycle 2 The balance on the Smith s credit card on May 12 their billing date was 378 50 for the period ending June 11 they had the following transactions May 13 Charge Toys 129 79 June 1 Charge Clothing 135 85 June 8 Charge Housewares 37 63 June 9 Payment 50 00 a Find the average daily balance for the billing period which ends on June 11 May has 31 days b What is the finance charge calculated on June 11 The monthly periodic rate is 1 3 c What is the Smith s new credit card balance on June 122