Question

In interviewing November's statement she notices that her beginning balance was $600 and that she made a $200 payment on November 10. She also charged purchases of $80 on November, 5, $100 on November 15, and $50 on November 30. She paid $5.27 in interest the month before. She does remember, though, seeing the letters APR and the number 16%. Also, the back of her statement indicating that interest was charged using the average daily balance method, including current purchases, which considers the day of a charge or credit.

a. Find the unpaid balance on November 30 before the interest is charged.

b. Assuming a 30-day period in November find the average daily balance.
c. Calculate the interest for November.
d. What was the unpaid balance for November after interest is charged?