9. Helene's credit card has an APR of 16.8%. She never pays her balance
in full, so she always pays a finance charge. Her next billing cycle
starts today. The billing period is 30 days. Today's balance is $712.04.
She is only going to use the credit card this month to make a $5,000
down payment on a new car.
a. If she puts the down payment on the credit card today, what will
her daily balance be for each of the 30 days of the cycle?
b. Find her average daily balance for the 30-day period if she puts
the down payment on the credit card today.
c. Find the finance charge for this billing period based on the aver-
age daily balance from part a.
d. Find her average daily balance for the 30-day period if she puts the
down payment on the credit card on the last day of the billing
cycle.
e. Find the finance charge on the average daily balance from
part d.
How much can Helene save in finance charges if she makes the
down payment on the last day, as compared to making it on the
first day?
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