Mathematics

Elaine Heath

5 November, 20:27

Calculate the average daily balance, finance charge, and new balance using the average daily balance method. Monthly rate = 1.25%

Date

Payments

Purchases

Balance

Number of Days

Product/Sum

9/1 - 9/5

$387.52

5

$1,937.60

9/6

$50.00

$337.52

1

$337.52

9/7 - 9/18

$

$

9/19

$62.26

$399.78

1

$399.78

9/20 - 9/30

$

$

Total

30

$

The average daily balance = : 30 = $.

Finance charge = monthly rate x average daily balance = $.

New balance = previous balance - payment/credits + finance charge + new purchases = $.