nickhooker22

I recently opened a revolving charge account with MasterCard. My credit limit is $1000, but I have not charged that much since opening the account. I haven't had the time to review my monthly statements as promptly as I should, but over the upcoming weekend, I plans to catch up on my work.In reviewing March's statement, I noticed that my beginning balance was $600 and that I made a $200 payment on March 10. I also charged purchases of $80 on March 5, $100 on March 15, and $50 on March 30. I can't tell how much interest I paid in March because I spilled watercolor paint on that portion of the statement. I do remember my APR being 16%. Also, the back of my statement indicates that interest was charged using the average daily balance method including current purchases, which considers the day of a charge or credit. 1. Assuming a 30-day period in March, calculate March's interest using the average daily balance method.

bijjee

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BillC

The institution that issued the credit card should have a web site that you can download a pdf copy of your statement.Either that, or find Aprils statement and use the following formula.March Interest = 600-200+80+100+50-(April beginning balance)Unless, of course, this is actually a homework question and neither of the above options are available to you.