The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest.  The monthly interest rate is 

1.31.3​% 

of the average daily balance.  Calculate parts​ a-d using the statement in the popup.

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Part 1

**a.** Find the average daily balance for the billing period.  Round to the nearest cent.

The average daily balance for the billing period is 

​$enter your response here.

​(Round to the nearest cent as​ needed.)

To find the average daily balance, you need the sum of daily balances throughout the billing period divided by the number of days in the billing period. If you provide the statement or the information from the popup regarding the transactions, I can guide you through the steps to solve for the average daily balance.

The steps to calculate the average daily balance are as follows:

1. **List all the transactions**: Identify all transactions (charges and payments) made during the billing period, along with their corresponding dates.
   
2. **Identify the daily balances**: Calculate the balance for each day. This is done by adjusting the balance whenever a transaction occurs, based on the transaction amount and the remaining balance.
   
3. **Sum of daily balances**: After calculating the balance for each day of the billing period, sum these daily balances.

4. **Divide by the number of days**: Finally, divide the total daily balance by the number of days in the billing period to get the average daily balance.

If you can share the relevant transaction details from the statement, I will help you calculate the exact average daily balance.

The credit card with the transactions described in the popup below uses the average daily balance method to calculate interest. The monthly interest rate is 1.31% of the average daily balance. Calculate parts a-d using the statement in the popup.

Part 1

a. Find the average daily balance for the billing period. Round to the nearest cent.

Learn how to calculate the average daily balance for a credit card using the average daily balance method. This problem covers key financial concepts like interest calculation and average balance. Perfect for students in Grades 10-12.

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