PLEASE SHOW YOUR WORK. ALSO IN PARTS B AND C YOU NEED TO DETERMINE THE MONTHLY RATE TO CALCULATE THE MONTHLY INTEREST.Inthe month of April, your credit card (which is charging you 9.9% + thecurrent prime interest rate) has a balance of $1000. On April 3rd youcharge $100, then on April 20th you put 15 gallons of gas on the card.On April 23rd your payment of $400 arrives and is posted to youraccount. Finally, on April 27th you charge all of your food for themonth for your family of 4. a) What is your average daily balance at the end of the month on this card? Hint:You will need to research and find the cost of gas and food in order tosolve this. Use the national average as of four months before the dateAssignment is due(09.09.14). For instance, if your Assignment is dueNovember 3rd, 2012, use the July 2012 national average. b) How much interest will your card charge you this month, assuming interest is charged on the average daily balance?c) If this card were using the interest rates of 30 years ago, how much interest would your card charge you this month?
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