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Riley tried the following homework question:
On July 1st, the billing date, Jenson's American Express credit card account had a balance of $375.80. The transactions during the
month of July were:
July 5 Payment made $150.00
July 10 Dinning
$74.35
July 18 Car repair
$123.50
July 28 Groceries
$142.50
The card has a low-interest rate of 1.3% per month. What is the balance due on August 1st?
The instruction hinted that "to find the balance due, you need to calculate the Average Daily Balance (ADB)."
So Riley made a running balance table and got ADB = 372.08, finance charge = 4.84, and Riley wasn't sure what to do next to answer
the final question "balance due on August 1st"? Please make a running balance table to show the ADB Riley got, and further explain
how to find the final balance on August 1st. What is the balance due on August 1st? Be specific with your answer.
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