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 \( 1.6 \% \) of the average daily balance. Calculate parts a-d using the statement in the popup. Click the icon to view the credit card statement. a. Find the average daily balance for the billing period. Round to the nearest cent. The average daily balance for the billing period is \( \$ \square \). (Round to the nearest cent as needed.)

To calculate the average daily balance, you add up the daily balances for each day in the billing period and then divide by the number of days in that period. For example, if your balance was $500 for 10 days and $750 for 20 days, you would calculate it as follows: \[ \text{Average Daily Balance} = \frac{(500 \times 10) + (750 \times 20)}{30} \] This approach will give you a comprehensive view of your spending habits and the amount of interest you'll owe. It's essential to keep track of any changes to your balance throughout the month. Common mistakes include forgetting to account for days when the balance changes (like payments or new purchases) or miscalculating the number of days each balance was held. Keeping a simple log can save you from these pitfalls and ensure you're getting the average balance right!