charge account with MasterCard. Her credit limits is $ 1,000, but she not charged that much since opening the account. Nancy hasn't had the time to review her monthly statement promptly as she should, but over the upcoming weekend she plans to catch up on her work. She has been putting it off because she can't tell him much interest she paid or unpaid balance in November. She spilled watercolor paint on that portion of the statement.

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.

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

2. Assuming a 30-day period in November find the average daily balance.

3. Calculate the interest for November.
4. What was the unpaid balance for November after interest is charged?

To answer these questions, we need to perform some calculations based on the information provided. Let's go step by step:

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

To find the unpaid balance on November 30, we need to add up all the purchases made and subtract any payments made before that date.

Beginning Balance: $600
- Payment on November 10: $200
+ Purchases on November 5: $80
+ Purchases on November 15: $100
+ Purchases on November 30: $50

Unpaid balance on November 30 = $600 - $200 + $80 + $100 + $50 = $630

So, the unpaid balance on November 30 before interest is charged is $630.

2. Assuming a 30-day period in November, find the average daily balance:

To find the average daily balance, we need to calculate the balance on each day of November and then take the average of all those balances.

Balance on November 1: $600
Balance on November 2: $600
...
Balance on November 29: $630
Balance on November 30: $630

Average daily balance = (sum of balances for all days) / number of days

Average daily balance = ($600 + $600 + ... + $630 + $630) / 30

Average daily balance = ($600 * 2 + ... + $630 * 2) / 30

Average daily balance = ($600 * 2 + $630 * 28) / 30

Average daily balance = ($1200 + $17640) / 30

Average daily balance = $18840 / 30

Average daily balance = $628

So, the average daily balance for November is $628.

3. Calculate the interest for November:

To calculate the interest for November, we will use the average daily balance, the APR of 16%, and the fact that interest is charged using the average daily balance method.

Interest = (Average daily balance) * (APR) * (number of days in the billing cycle) / (number of days in a year)

Interest = $628 * 0.16 * 30 / 365

Interest = $31.78 (rounded to the nearest cent)

So, the interest for November is approximately $31.78.

4. What was the unpaid balance for November after interest is charged:

To find the unpaid balance after interest is charged, we need to add the interest to the unpaid balance on November 30.

Unpaid balance after interest = Unpaid balance on November 30 + Interest

Unpaid balance after interest = $630 + $31.78

Unpaid balance after interest = $661.78

So, the unpaid balance for November after interest is charged is approximately $661.78.